Multiple Choice
Assume that no reversing entries are made by this firm. If wages of $11 200 were accrued by it at the end of the year and the first payment of wages in the subsequent year was $101 600 how would this payment be recorded?
A) Debit salaries payable $11 200; debit salaries expense $90 400; credit cash $101 600
B) Credit salaries payable $11 200; debit salaries expense $112 800; credit cash $101 600
C) Debit salaries payable $11 200; debit salaries expense $101 600; credit cash $112 800
D) Debit salaries expense $90 400; credit cash $90 400
Correct Answer:
Verified
Correct Answer:
Verified
Q15: Which of these accounts should be closed
Q16: On 1 January Y Company Pty Ltd
Q17: Dividends require two accounting entries, one when
Q18: The income statement and the balance sheet
Q19: When reversing entries are used in the
Q21: At the end of an accounting period
Q22: If telephone expenses for the year are
Q23: If a profit has been earned for
Q24: In which order do these steps in
Q25: The balance in the profit or loss