The company paid cash $2,800 for employee salaries of May. Gross amount of salary is $3,200, and $400 is held for income tax.
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The company paid cash $2,800 for employee salaries of May. Gross amount of salary is $3,200, and $400 is held for income tax.
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Salaries exp 2,800
inc. tax withheld 400
Cash 3,200
Dr salaries exp and inc. tax withheld & cr. Cash
That is incorrect
Dr Salaries 3200
Cr Tax withheld 400
Cr Cash 2800
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