Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2otsiness pays biweekly salaries of s20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December

image text in transcribed

2otsiness pays biweekly salaries of s20,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assume 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 $4,000 B. credit to Salaries Payable of $4,000 C. credit to Salaries Payable of $16,000 D. debit to Salary Expense of $16,000 The correct answer is D. But I do not understand why. I answered A

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Market Management

Authors: David A. Aaker

5th Edition

0471177431, 9780471177432

More Books

Students also viewed these Accounting questions