A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: (Hint: Ask yourself how many days of salary expenses that you need to accrued at the end of accounting period.) Group of answer choices Debit Salaries Expense $600 and credit Salaries Payable $600. Debit Salaries Expense $400 and credit Salaries Payable $400. Debit Unpaid Salaries $600 and credit Salaries Payable $600. Debit Salaries Payable $400 and credit Salaries Expense $400.
A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: (Hint: Ask yourself how many days of salary expenses that you need to accrued at the end of accounting period.) Group of answer choices Debit Salaries Expense $600 and credit Salaries Payable $600. Debit Salaries Expense $400 and credit Salaries Payable $400. Debit Unpaid Salaries $600 and credit Salaries Payable $600. Debit Salaries Payable $400 and credit Salaries Expense $400.
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 8PB
Related questions
Question
17)
A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end
(Hint: Ask yourself how many days of salary expenses that you need to accrued at the end of accounting period.)
Group of answer choices
Debit Salaries Expense $600 and credit Salaries Payable $600.
Debit Salaries Expense $400 and credit Salaries Payable $400.
Debit Unpaid Salaries $600 and credit Salaries Payable $600.
Debit Salaries Payable $400 and credit Salaries Expense $400.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College