The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?
A. Debit Accrued Salaries and credit Salaries Payable.
B. Debit Salaries Payable and credit Salaries Expense.
C. Debit Salaries Expense and credit Cash.
D. Debit Salaries Expense and credit Salaries Payable.
E. Debit Cash and credit Salaries Expense.
Answer: D
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The classification assertion refers to transactions and events being recorded in the correct accounting period.
Answer the following statement true (T) or false (F)
In Year 1, a firm purchased a truck for $12,000 . The estimated salvage value was $2,000 and the estimated useful life was 10 years. In Year 4, it was determined that the salvage value would only be $1,000 and that the truck would have a total estimated useful life of 7 years rather than 10 . Assuming the straight-line method is used, what is the depreciation expense for Year 4 of the truck?
a. $1,000 b. $1,750 c. $1,950 d. $2,000 e. $2,250
A(n) ____ can store and handle multiple values of different data types as one unit.
A. composite data type B. collection C. record D. block
Package code is not cached, nor is package data such as variables and cursors.
Answer the following statement true (T) or false (F)