Ukraine Company, your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 50,000 at the end of year 2022 as a result of the error? Both accrued salaries payable a O Question 2: Which of the following accounts is(are) overstated by P 50,000 at the end of year 2023 as a result of the error? Salaries expense only [ Select ] Question 3: What would be the adjusting Retained earnings only 2022? Debit Salaries Expense, P 50,C O 1. Both accrued salaries payable and salaries expense Question 4: What would be the adjusting 2023? [Select] Accrued salaries payable only Salaries expense only Question 5: What would be the adiusting ar
Ukraine Company, your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022. Based on the foregoing, answer the following questions: Question 1: Which of the following accounts is(are) understated by P 50,000 at the end of year 2022 as a result of the error? Both accrued salaries payable a O Question 2: Which of the following accounts is(are) overstated by P 50,000 at the end of year 2023 as a result of the error? Salaries expense only [ Select ] Question 3: What would be the adjusting Retained earnings only 2022? Debit Salaries Expense, P 50,C O 1. Both accrued salaries payable and salaries expense Question 4: What would be the adjusting 2023? [Select] Accrued salaries payable only Salaries expense only Question 5: What would be the adiusting ar
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer number 2 only, disregard the answer chosen.
![Ukraine Company, your client, failed to record accrued salaries expense of P 50,000
as of December 31, 2022.
Based on the foregoing, answer the following questions:
Question 1: Which of the following accounts is(are) understated by P 50,000 at the
end of year 2022 as a result of the error? Both accrued salaries payable a O
Question 2: Which of the following accounts is(are) overstated by P 50,000 at the
end of year 2023 as a result of the error? Salaries expense only
[ Select ]
Question 3: What would be the adjusting
Retained earnings only
2022? Debit - Salaries Expense, P 50,C O
Both accrued salaries payable
and salaries expense
Question 4: What would be the adjusting
2023? [Select]
Accrued salaries payable only
V Salaries expense only
Question 5: What would be the adjusting.
.-ar
2024? [Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2F85eafb60-1e6e-4994-bdba-7191c8b4ae21%2F3oizn2u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ukraine Company, your client, failed to record accrued salaries expense of P 50,000
as of December 31, 2022.
Based on the foregoing, answer the following questions:
Question 1: Which of the following accounts is(are) understated by P 50,000 at the
end of year 2022 as a result of the error? Both accrued salaries payable a O
Question 2: Which of the following accounts is(are) overstated by P 50,000 at the
end of year 2023 as a result of the error? Salaries expense only
[ Select ]
Question 3: What would be the adjusting
Retained earnings only
2022? Debit - Salaries Expense, P 50,C O
Both accrued salaries payable
and salaries expense
Question 4: What would be the adjusting
2023? [Select]
Accrued salaries payable only
V Salaries expense only
Question 5: What would be the adjusting.
.-ar
2024? [Select]
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