The following are entries on payroll transactions under government entity. I. Due to Officers and Employees is credited upon approval of payroll II. Advances to Payroll is debited to recognized grant of cash advance to payroll III. Both accounts in I and II are reversed to recognized liquidation of payroll fund Choose the best answer. a. I is correct only b. II is correct only c. III is correct only d. I and III are correct only e. None of the above are correct
The following are entries on payroll transactions under government entity. I. Due to Officers and Employees is credited upon approval of payroll II. Advances to Payroll is debited to recognized grant of cash advance to payroll III. Both accounts in I and II are reversed to recognized liquidation of payroll fund Choose the best answer. a. I is correct only b. II is correct only c. III is correct only d. I and III are correct only e. None of the above are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following are entries on payroll transactions under government entity.
I. Due to Officers and Employees is credited upon approval of payroll
II. Advances to Payroll is debited to recognized grant of cash advance to payroll
III. Both accounts in I and II are reversed to recognized liquidation of payroll fund
Choose the best answer.
a. I is correct only
b. II is correct only
c. III is correct only
d. I and III are correct only
e. None of the above are correct
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