Multiple Choice
Assume that the City of Juneau maintains its books and records to facilitate the preparation of its fund financial statement.The City pays its employees bi-weekly on Friday.The fiscal year ended on Wednesday, June 30.Employees had been paid on Friday, June 25.The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30) .What entry, if any, should be made on June 30?
A) Debit Expenditures; Credit Wages and Salaries Payable.
B) Debit Expenses; Credit Wages and Salaries Payable.
C) Debit Expenditures; Credit Encumbrances.
D) No entry is required.
Correct Answer:
Verified
Correct Answer:
Verified
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