A company pays $1,700 cash to employees for work performed during the month. Record the payment using (a) accrual-basis accounting and (b) cash-basis accounting.
What will be an ideal response?
| (a) | Salaries Expense | 1,700 | ? |
| ? | Cash | ? | 1,700 |
| (b) | Salaries Expense | 1,700 | ? |
| ? | Cash | ? | 1,700 |
You might also like to view...
Halfway through the semester, Samuel quit doing assignments for and going to his advanced accounting class. He attributes this to his poor performance on the first two tests, as well as his lack of talent for accounting; he feels he will do much better as a management major. Samuel is likely to be experiencing
A. low emotional stability. B. an external locus of control. C. low self-esteem. D. low self-efficacy for accounting. E. low emotional intelligence.
A bar owner maybe liable to a customer if he gets drunk on the premises and upon
leaving, walks into the path of an oncoming vehicle thereby sustaining personal injuries. Indicate whether the statement is true or false
A data dictionary is sometimes described as "the database designer's database" because it records the design decisions about tables and their structures
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The MACRS system requires that residential rental property and nonresidential real property be depreciated using the straight-line method. 2. Capital improvements to real property must be depreciated over the remaining life of the property on which the improvements were made. 3. A tenant in an office building makes improvements to the office space that are qualified improvement property (QIP). The QIP will be depreciated over the remaining MACRS life of the building. 4. The straight-line method may be elected for depreciating tangible personal property placed in service after 1986. 5. The election to use ADS is made on a year-by-year, property-class by property-class basis for real and personal property.