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Author Question: The City of Seales has a December 31st fiscal year end. Salaries earned by city's General Fund ... (Read 119 times)

crobinson2013

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on: Jul 5, 2018
The City of Seales has a December 31st fiscal year end. Salaries earned by city's General Fund employees for the period December 24th through December 31st will not be paid until January 7th of the next year.
 
  On December 31st, the City of Seales' accounting personnel would:
   a. debit salaries expense and credit salaries payable.
   b. debit expendituressalarie s and credit cash.
   c. make no journal entry because cash has not yet been paid.
   d. none of the above

Question 2

Any accounting period of twelve months' duration is usually referred to as a(n)
 a. fiscal year.
   b. calendar year.
   c. physical year.
   d. operational year.


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meganmoser117

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d (The answer is debit expenditures-salaries and credit salaries payable.)

Answer to Question 2

a


crobinson2013

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Reply 2 on: Jul 5, 2018
Excellent

cassie_ragen

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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