Author Question: Which of the following accounts will only be found in the chart of accounts of a merchandising ... (Read 44 times)

Lobcity · **on:** Jul 5, 2018

Which of the following accounts will only be found in the chart of accounts of a merchandising company?
a. Sales
b. Accounts Receivable
c. Merchandise Inventory
d. Accounts Payable

Question 2

Salaries payable on the balance sheet most likely means that ________.

A) the company is in serious financial difficulty. It doesn't even have enough cash to pay its employees
B) the company's accountants are seriously confused. Salaries appear on the income statement, not on the balance sheet
C) employees did not receive payment for the last few days of work because the last day of the accounting period was not a payday
D) employees were overpaid and now owe the company money