Multiple Choice
State Community College, a public college, grants faculty members a one-year sabbatical leave after each seven years of service.There are no requirements for research, study or service during the compensated sabbatical leave.A particular faculty member earns $40,000 per year.Assuming that the college maintains its books and records in a manner that facilitates the preparation of the fund financial statements and assuming that any appropriate accruals have been made, what is the appropriate entry to record the employee's salary paid while on sabbatical?
A) Debit Expenditures $40,000; Credit Cash $40,000.
B) Debit Sabbatical leave payable $40,000; Credit Cash $40,000.
C) Debit Expenditures $40,000; Credit Sabbatical leave payable $40,000.
D) No entry required.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Sugar City uses the purchases method to
Q4: Banker County has outstanding $4 million of
Q5: Employees of the City of Orleans earn
Q6: Bay City uses the purchases method to
Q7: Shoshone County uses the consumption method to
Q8: The amount of pension expenditures that should
Q9: State University, a public university, has a
Q10: The City of Upper Falls accounts for
Q11: State University, a public university, has a
Q77: Most governments budget (appropriate) resources for principal