On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during the first year of operations. Owner paid $800 cash for Salaries The Journal Entry for this transaction will be Dr. Cash $800o Cr. Salaries Expense $800 Dr. Salaries Expense $800 B Cr. Cash $800 Dr. Salaries Payable $800 Cr. Cash $800 Dr. Salaries Expense $800 Cr. Salaries Payable $800

On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during the first year of operations. Owner paid $800 cash for Salaries The Journal Entry for this transaction will be Dr. Cash $800o Cr. Salaries Expense $800 Dr. Salaries Expense $800 B Cr. Cash $800 Dr. Salaries Payable $800 Cr. Cash $800 Dr. Salaries Expense $800 Cr. Salaries Payable $800

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Description: On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during thefirst year of operations.Owner paid $800 cash for SalariesThe Journal Entry for this transaction will beDr. Cash $800Cr. Sal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

On December 2020, Miranda Right started Right consulting, a new business, and completed the following transactions during the
first year of operations.
Owner paid $800 cash for Salaries
The Journal Entry for this transaction will be
Dr. Cash $800
Cr. Salaries Expense $800
Dr. Salaries Expense $800
B
Cr. Cash $800
Dr. Salaries Payable $800
C
Cr. Cash $800
Dr. Salaries Expense $800
D
Cr. Salaries Payable $800

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