Author Question: Generally, the Accounts Receivable controlling account will be up to date only at the end of the ... (Read 95 times)

torybrooks · **on:** Jul 6, 2018

Generally, the Accounts Receivable controlling account will be up to date only at the end of the month.
a. True
b. False
Indicate whether the statement is true or false

Question 2

County General Fund employees were paid 550,000 in salaries and wages during the year and also earned 125,000 of compensated absences during the year.

The compensated absences liability, which is considered to be a long-term liability, decreased 30,000 from the beginning of the year to the end of the year. At the end of the fiscal year, salaries and wages payable was 12,000; none had been payable at the beginning of the year. The General Fund would report salaries and wages expenditures of
a. 562,000
b. 687,000
c. 657,000
d. 550,000
e. 675,000