Legolas Company paid $5,000 cash for executive salaries. When thejournal entry t

Question

Legolas Company paid $5,000 cash for executive salaries. When thejournal entry to record this payment was made, the payment wasmistakenly added to the cost of land purchased by Legolas. Thejournal entry needed to correct this error wouldbe:

(a.) debit cash $5,000 and credit salary expense $5,000
(b.) debit land $5,000 and credit salary expense $5,000
(c.) debit salary expense $5,000 and credit cash $5,000
(d.) debit cash $5,000 and credit land $5,000
(e.) debit salary expense $5,000 and credit land $5,000

Explanation / Answer

E. Debit salary expense 5,000 and credit land $ 5,000

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