Employees of the City of Calderwood are paid from the General Fund. These employees are paid for amounts earned over a two week period. The amount due the employees is disbursed one week later.
The last payroll period in December ended December 27, 20X2 . The fiscal year ended December 31, 20X2 . The employees were paid January 3, 20X3 . The salaries earned should be reported as expenditures
A. In the current year in all cases.
B. In the current year if paid within the first 60 days of the next year.
C. In the next year in all cases.
D. In either the current year or in the next year depending upon the government's policy. The policy must be applied consistently.
Question 2
Sales of merchandise on account would be recorded in which journal?
a. Sales Journal
b. Sales Receipt Journal
c. Sales Payment Journal
d. General Journal
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