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27. If salaries of daily paid employees of an Entity for the period from December 27, 2020 to January 5, 2021 at P337 per day were unpaid as of December 31, 2020 cut-off date, the adjusting entry would require a credit to

27. If salaries of daily paid employees of an Entity for the period from December 27, 2020 to January 5, 2021 at P337 per day were unpaid as of December 31, 2020 cut-off date, the adjusting entry would require a credit to

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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27. If salaries of daily paid employees of an Entity for the period from December 27, 2020 to January 5, 2021 at P337 per day were unpaid as of December 31, 2020 cut-off date, the adjusting entry would require a credit to * A. Salaried Payable, P1,685 B. Salaries Payable, P3,370 C. Salaries Expense, P1,685 O D. Salaries Expense, P3,370 28. An accrued expense can best be described as an amount * A. Paid and currently matched with earnings B. Paid and not currently matched with earnings C. Not paid and currently matched with earnings D. Not paid and not currently matched with earnings
Transcribed Image Text:27. If salaries of daily paid employees of an Entity for the period from December 27, 2020 to January 5, 2021 at P337 per day were unpaid as of December 31, 2020 cut-off date, the adjusting entry would require a credit to * A. Salaried Payable, P1,685 B. Salaries Payable, P3,370 C. Salaries Expense, P1,685 O D. Salaries Expense, P3,370 28. An accrued expense can best be described as an amount * A. Paid and currently matched with earnings B. Paid and not currently matched with earnings C. Not paid and currently matched with earnings D. Not paid and not currently matched with earnings
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