The Chart of Accounts for the Corning Company Includes the Following

Multiple Choice

The chart of accounts for the Corning Company includes the following: $$\begin{array} { | l | l | } \hline \text { Account Name } &{ \text { Account Number } } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Common Stock } & 31 \\\hline \text { Dividends } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ Page 3 of the journal contains the following entry: $$\begin{array} { | c | l | l | } \hline \text { Prepaid Insurance } & 1,530 & \\\hline \text { Cash } & & 1,530 \\\hline\end{array}$$
-The chart of accounts for the Miguel Company includes the following: $$\begin{array} { | l | l | } \hline \text { Account Name } & { \text { Account Number } } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Common Stock } & 31 \\\hline \text { Dividends } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ Page 5 of the journal contains the following transaction: $$\begin{array} { | c | l | l | } \hline \text { Salaries Expense } & 525 & \\\hline \text { Cash } & & 525 \\\hline\end{array}$$ What is the posting reference that will be found in the salaries expense account?

A) 5
B) 11
C) 54
D) 21