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NEW QUESTION: 1
A. Option E
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C. Option D
D. Option B
E. Option C
F. Option A
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NEW QUESTION: 3
The required adjusting entry at December 31 related to salaries and wages is
A. Salaries & wages expense US $1,700 Income summary US $1,700
B. Income summary US $1,700 Salaries & wages payable US $1,700
C. Salaries & wages expense US $1,700 Salaries & wages payable US $1,700
D. Salaries & wages payable US $1,700 Salaries & wages expense US $1,700
Answer: C
Explanation:
An expense incurred but not yet paid is an accrued expense. The adjusting entry to record an accrued expense of US $1,700 for unpaid salaries and wages is to debit an expense account and credit a liability account.
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Aalk - 2014-05-05 16:45:18
Plato - 2014-05-05 16:45:51
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Eleanore - 2014-09-28 16:36:48