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A company's employees work 5 days a week (Mon.-Fri.). The company pays its weekly payroll of $6,500 every Friday. The company's fiscal year ended
A company's employees work 5 days a week (Mon.-Fri.). The company pays its weekly payroll of $6,500 every Friday. The company's fiscal year ended on Tuesday, December 31. Assuming the company made all appropriate adjusting entries at year end, the journal entry on January 3 (Friday) to record the payment of salaries will include a O a Debit to wage expense for $3,900 O b. Debit to wage expense for $6,500 Oc Credit to wages payable for $2,600 Od. Debit to wages payable for $6,500 Oe. Credit to cash for $3,900 When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as O a part of the income from continuing operations. O b. other revenue or expense. Oc. a prior period adjustment. Od an amount after continuing operations.
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