« previous next »

Author Question: A business pays bi-weekly salaries of 20,000 every other Friday for a ten-day period ending on that ... (Read 64 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
on: Jul 5, 2018
A business pays bi-weekly salaries of 20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27 . Assuming the next pay period begins on Monday, December 30 and the proper adjusting entry is journalized at the end of the fiscal period (December 31). The entry for the payment of the payroll on Friday, January 10 includes a
 a. debit to Salary Expense of 16,000 b. debit to Salary Expense of 4,000
  c. credit to Salary Payable of 16,000 d. credit to Salary Payable of 4,000

Question 2

Liabilities in the General Fund and Special Revenue Fund represent:
 
  a. claims against the fund's cash resources
  b. claims against the fund's current financial resources
  c. claims against the fund's economic resources
  d. claims that must be paid within one year


flannelavenger

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

When young infants hold objects for a long period of time they eventually become habituated to them. When young infants hold objects for a long period of time they eventually become habituated to them.
Embryonic Period Embryonic Period
Embryonic Period Embryonic Period
Embryonic Period - 5th week Embryonic Period - 5th week
Digital illustration of a fish that was believed to have become extinct during the Cretaceous Period Digital illustration of a fish that was believed to have become extinct during the Cretaceous Period
Math for Business and Finance: an Algebraic Approach, 3rd Edition Jeffrey Slater Math for Business and Finance: an Algebraic Approach, 3rd Edition Jeffrey Slater
Video: Barriers - eye structures, digestive mucosa, respiratory mucosa & genitourinary mucosa

For a complete list of videos, visit our video library