Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

133. A business pays bi-weekly salaries of $20.000 every other Friday for a ten-day period ending on that day. The adjusting entry necessary at the

image text in transcribed
133. A business pays bi-weekly salaries of $20.000 every other Friday for a ten-day period ending on that day. The adjusting entry necessary at the end of the fiscal period ending ok the second Wednesday of the pay period, includes a 20000t 10 - 200 a. debit to Salary Expense of $8,000. c. credit to Salary Expense of $16,000 b. debit to Salaries Payable of $8,000 d. credit to Salaries Payable of $16,000 134. A business pays bi-weekly salaries of $20.000 every other Friday for & ten-day eriod ending on that day. The last payday of December is Friday December 27.Assuming the next pay period begins on Monday, December 30 and the proper adjusting entry is journatized at the end of the fiscal period (December 31). The entry, for the payment of the payroll on Friday, January 10 includes a 20000 2000 a. debit to Salary Expense of $16,000 c. credit to Salary Payable of $16,000 2000xfs b. debit to Salary Expense of $4,000 d. credit to Salary Payable of $4,.000

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

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

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

9th Edition

1292251255, 9781292251257

More Books

Students also viewed these Accounting questions