Question 9-10 Assignment #4

Bubba's Medical Center pays their employees every Friday. In total, they pay their employees $7,000 a week. The last day of May fell on a Wednesday this year. This means the employees worked 3 days of the current week that won't get paid for until the next accounting period. Which of the below statements is correct regarding this situation? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer a A Salary Expense of $3,000 must be recorded on May 31st in an Adjusting entry. To do this Salary Expense will be debited and Salaries Payable will be credited. b A Salary Expense of $3,000 must be recorded on May 31st in an Adjusting entry. To do this Salary Expense will be debited and Cash will be credited. C A Salary Expense of $7,000 must be recorded on May 31st in an adjusting entry. To do this Salary Expense will be debited and Cash will be credited d A Salary Expense of $7,000 must be recorded on May 31st in an adjusting entry. To do this Salary Expense will be debited and Salaries Payable will be credited Submit Unanswered . 2 attempts left Bubba's Medical center had paid for 1 year of rent on January 1st which resulted in an asset called "prepaid rent They paid $12,000 in total for this prepaid rent. On May 31st they did their adjusting entries. Which of the below statements is correct regarding this situation? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a After the adjusting entries, the balance of prepaid rent will be $12,000 b After the adjusting entries, the balance of prepaid rent will be $11,000 C After the adjusting entries, the balance of prepaid rent will be $7,000 d After the adjusting entries, the balance of prepaid rent will be $8,000 Submit Unanswered . 2 attempts left