Chase Company has 10 employees, who earn a total of $2800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31 which is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:
A. Debit Salaries Payable, $8400; credit Salaries Expense, $8400.
B. Debit Salaries Expense, $8400; credit Cash, $8400.
C. Debit Salaries Expense, $5600; credit Salaries Payable, $5600.
D. Debit Salaries Expense, $8400; credit Salaries Payable, $8400.
E. Debit Salaries Expense, $14,000; credit Salaries Payable, $14,000.
Answer: D
You might also like to view...
The element of the marketing mix demonstrated when an art gallery suggests a $2.00 donation at the door is ________.
A. promotion B. place C. price D. product E. philanthropy
Johan needs to determine the personal character and ethics of candidates. Which of the following interview questions would be LEAST relevant for this task?
A) "What are your three core values?" B) "What does integrity mean to you?" C) "How do you handle negotiations?" D) "Who are your role models and why?" E) "How would your previous manager describe you?"
Which of the following statements is true of 360-degree feedback for appraising employee performance?
A. Ratings from the different sources generally agree closely with each other. B. It ignores different aspects of performance that capture the complexities of an individual's performance in multiple roles. C. Ratings from the different sources are incomparable, for they reflect different underlying dimensions of performance. D. Discrepancies between self-ratings and those received from other sources may create an awareness of a person's needs for development.
Stocks are different from bonds because ________
A) stocks, unlike bonds, are major sources of funds B) stocks, unlike bonds, represent residual ownership C) stocks, unlike bonds, give owners legal claims to payments D) bonds, unlike stocks, represent voting ownership