Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3 . Your employer has a Monday Friday workweek and distributes it s $20,000 payroll e ach Friday. In 20X1, December 31 is a Thursday.
3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1, December 31 is a Thursday. One of your assistants debited Salaries Expense and credited Salaries Payable for $12,000.If no correcting entry is recorded:
a.the balance sheet will overstate assets
b.the income statement will over state expenses
c. the balance sheet will overstate liabilities
d. the balance sheet will overstate retained earnings
3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1, December 31 is a Thursday. One of your assistants debited Salaries Expense and credited Salaries Payable for $12,000.If no correcting entry is recorded:
a.the balance sheet will overstate assets
b.the income statement will over state expenses
c. the balance sheet will overstate liabilities
d. the balance sheet will overstate retained earnings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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