Ajournal entry includes a debit to salary and wages expense of $5,000; a debit to salary and wages payable of $3,000; and a credit to cash for $8,000. why would this entry be appropriate?
a : the entry is an accrual of $3,000 and deferral of $5,000.
b : the entry reflects total wage and salary expenses this period of $8,000.
c : the entry is an accrual of $3,000 in wage and salary expense.
d : the entry reflects $5,000 payment of wages and salaries for the current period and $3,000 for wages and salaries accrued previously

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.