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A company utilizes two checking accounts - one for payroll (Cash - Payroll) and one for all other cash transactions (Cash - Regular Checking). The
A company utilizes two checking accounts - one for payroll (Cash - Payroll) and one for all other cash transactions (Cash - Regular Checking). The gross pay for a period was $25,000 while the net pay was $13,500. Which of the following would be a correct journal entry?ANSWERUnselectedCash - Regular cheCheckingking, debit $13,500; Cash - Payroll Checking, $13,500UnselectedCash - Regular Checking, debit $25,000; Cash - Payroll Checking, $25,000UnselectedCash -Payroll Checking, debit $13,500; Cash - Regular Checking, credit $13,500UnselectedCash - Payroll Checking, debit $25,000; Cash - Regular Checking, credit $25,000Unselected
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