When recording liquidation for local travels, the journal entry should be?a.Debit: traveling expense-local; Credit: advances to officers and employeesb.Debit: Due to officers and employees; Credit: Expense (salaries and wages)c.Debit: advances to officers and employees; Credit: Cash-MDS, Regulard.Debit: Due to officers and employees; Credit: Advance FOR...(Payroll)
Question
When recording liquidation for local travels, the journal entry should be?a.Debit: traveling expense-local; Credit: advances to officers and employeesb.Debit: Due to officers and employees; Credit: Expense (salaries and wages)c.Debit: advances to officers and employees; Credit: Cash-MDS, Regulard.Debit: Due to officers and employees; Credit: Advance FOR...(Payroll)
Solution
The correct journal entry when recording liquidation for local travels should be:
a. Debit: traveling expense-local; Credit: advances to officers and employees
This is because when an employee travels for business purposes, the company incurs a travel expense. This expense is recorded as a debit to the traveling expense-local account. On the other hand, if the company provided an advance to the employee for this travel, this advance is reduced (credited) in the advances to officers and employees account.
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