Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 25 Spiderman Industries employs a five-day workweek and a September 30 year-end. Normal weekly wages amount to $36.000. September 30 ends on a Wednesday,

image text in transcribed
Question 25 Spiderman Industries employs a five-day workweek and a September 30 year-end. Normal weekly wages amount to $36.000. September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? deb Salaries and Wages Expense. $21.600 credit salaries and Wes Payable $21.00 debit Salaries and Wages Expense $36.000 credit Sataries and Wages Payable $36.000 debit Salaries and Wages Expense. $7.200: credit Salaries and Wages Payable, $7.200 debit Salaries and Wages Expense. $21.600 credit Cash $21.600 3.25 pt Question 26 Which one of the following is not a justification for adjusting entries? Adjusting entries are necessary to ensure that the revenue recognition principle is followed Adjusting entries are necessary to ensure that the expense recognition principle is followed Adjusting entries are necessary to enable financial statements to be in conformity with GAAP. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions