Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(10 MARKS] QUESTION 2 Chastain Park Entertainment paid salaries expense of R350,000 during 2013 However additional salanes of R20,000 had been earned by employees but
(10 MARKS] QUESTION 2 Chastain Park Entertainment paid salaries expense of R350,000 during 2013 However additional salanes of R20,000 had been earned by employees but not paid or recorded at December 31 2013 (2) a) What adjusting entry is necessary at December 31 2013? b) Under which basis cash accrual or both would the adjustment in part A be prepared? Explain (4) c) Under the accrual basis of accounting what is the total amount of salaries expense for the year ended December 31 2013? (1) d) Under the accrual basis of accounting what is the total amount of salaries payable to be reported at December 31 2013? (1) e) Under the cash basis of accounting what is the total amount of salaries expense for the year ending December 31 2013? (1) 3 Under the cash basis of accounting what is the total amount of salaries payable at December 31 2013? (1) (TURN OVER]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started