Author Question: A business pays bi-weekly salaries of 20,000 every other Friday for a ten-day period ending on that ... (Read 61 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
A business pays bi-weekly salaries of 20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27 . Assuming the next pay period begins on Monday, December 30 and the proper adjusting entry is journalized at the end of the fiscal period (December 31). The entry for the payment of the payroll on Friday, January 10 includes a
 a. debit to Salary Expense of 16,000 b. debit to Salary Expense of 4,000
  c. credit to Salary Payable of 16,000 d. credit to Salary Payable of 4,000

Question 2

Liabilities in the General Fund and Special Revenue Fund represent:
 
  a. claims against the fund's cash resources
  b. claims against the fund's current financial resources
  c. claims against the fund's economic resources
  d. claims that must be paid within one year



flannelavenger

  • Sr. Member
  • ****
  • Posts: 322
Answer to Question 1

a

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

According to the National Institute of Environmental Health Sciences, lung disease is the third leading killer in the United States, responsible for one in seven deaths. It is the leading cause of death among infants under the age of one year.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

For a complete list of videos, visit our video library