To record the compound entry for the paid employees' salaries, restaurant rent, and advertising expense, you can make the following journal entry. Note that a compound entry involves multiple accounts affected by a single transaction.
- Debit Salaries Expense for the amount paid to employees.
- Debit Rent Expense for the amount of restaurant rent.
- Debit Advertising Expense for the amount spent on advertising.
- Credit Cash for the total amount paid out.
Here’s how the journal entry would look:
Journal Entry:
| Date | Account Titles | Debit | Credit | |------------|-----------------------------|---------|---------| | YYYY-MM-DD | Salaries Expense | 5,300 | | | | Rent Expense | 3,400 | | | | Advertising Expense | 750 | | | | Cash | | 9,450 |
Explanation:
- Salaries Expense (Debit): Recognizes the cost incurred for employee salaries.
- Rent Expense (Debit): Recognizes the cost of renting the restaurant.
- Advertising Expense (Debit): Recognizes the cost of advertising.
- Cash (Credit): Represents the total cash outflow.
Total Debit = $5,300 + $3,400 + $750 = $9,450
Total Credit = $9,450
Ensure to replace "YYYY-MM-DD" with the actual date you are making the entry.