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 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? Retained earnings only Question 3: What would be the adjusting entry if the error is discovered in year 2022? [ Select] V [ Select ] Questic ntry if the error is discovered in year Some other answer 2023? Debit Retained Earnings, P 50,000; Credit Salaries expense, P 50,000. Questic ntry if the error is discovered in year 2024? Debit Accrued salaries payable, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Accrued salaries payable, P 50,000 « Previc Next
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 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? Retained earnings only Question 3: What would be the adjusting entry if the error is discovered in year 2022? [ Select] V [ Select ] Questic ntry if the error is discovered in year Some other answer 2023? Debit Retained Earnings, P 50,000; Credit Salaries expense, P 50,000. Questic ntry if the error is discovered in year 2024? Debit Accrued salaries payable, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Accrued salaries payable, P 50,000 « Previc Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Please answer question 2&3
![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? Retained earnings only
Question 3: What would be the adjusting entry if the error is discovered in year
2022? [Select]
V [ Select ]
Questic
ntry if the error is discovered in year
Some other answer
2023?
Debit - Retained Earnings, P
Questic
50,000; Credit Salaries
ntry if the error is discovered in year
expense, P 50,000.
2024?
Debit Accrued salaries
payable, P 50,000; Credit -
Salaries Expense, P 50,000
Debit Salaries Expense, P
50,000; Credit Accrued
salaries payable, P 50,000
« Previc
Next »](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2F9ee2706f-65bd-4e97-be18-99ce385b92f3%2Fzfv1l4p_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? Retained earnings only
Question 3: What would be the adjusting entry if the error is discovered in year
2022? [Select]
V [ Select ]
Questic
ntry if the error is discovered in year
Some other answer
2023?
Debit - Retained Earnings, P
Questic
50,000; Credit Salaries
ntry if the error is discovered in year
expense, P 50,000.
2024?
Debit Accrued salaries
payable, P 50,000; Credit -
Salaries Expense, P 50,000
Debit Salaries Expense, P
50,000; Credit Accrued
salaries payable, P 50,000
« Previc
Next »
![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? Retained earnings only
[ Select ]
Question 3: What would be the adjusting
r
v Retained earnings only
2022? [Select]
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 adjusting
.ar
2024? [Select]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9ef98ec-9592-4421-a415-5be3fb52487b%2F9ee2706f-65bd-4e97-be18-99ce385b92f3%2Fy1xcb9i_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? Retained earnings only
[ Select ]
Question 3: What would be the adjusting
r
v Retained earnings only
2022? [Select]
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 adjusting
.ar
2024? [Select]
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