Author Question: Buster Industries pays weekly salaries of 30,000 on Friday for a five-day week ending on that day. ... (Read 102 times)

Jipu 123 · **on:** Jul 5, 2018

Buster Industries pays weekly salaries of 30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is
a. debit Salaries Payable, 12,000; credit Cash, 12,000
b. debit Salary Expense, 12,000; credit Drawing, 12,000
c. debit Salary Expense, 12,000; credit Salaries Payable, 12,000
d. debit Drawing, 12,000; credit Cash, 12,000

Question 2

Internet commerce is computer-to-computer exchange of business event data in structured or semi-structured formats via Internet communication that allows the initiation and consummation of business events.
Indicate whether the statement is true or false