Please answer question 4&5 Ukraine Company, your client, failed to record accrued salaries expense of P 50,00Oas 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 theend of year 2022 as a result of the error? Both accrued salaries payable a OQuestion 2: Which of the following accounts is(are) overstated by P 50,000 at theend of year 2023 as a result of the error? Retained earnings onlyQuestion 3: VWhat would be the adjusting entry if the error is discovered in year2022? [Select]Question 4: VWhat would be the adjusting entry if the error is discovered in year2023?V [ Select ]NO AJE is necessary becausethe error alreadyQuesticntry if the error is discovered in year2024?counterbalanced.Debit - Retained earnings, P50,000; Credit SalariesExpense, P 50,000Debit - Salaries Expense, P50,000; Credit RetainedEarnings, P 50,000« PrevicNextDebit - Salaries expense, P50,000; Credit Accruedsalaries payable, P 50,000Submit Q Ukraine Company, your client, failed to record accrued salaries expense of P 50,000as of December 31, 2022.Based on the foregoing, answer the following questions:Question 1: VWhich of the following accounts is(are) understated by P 50,000 at theend of year 2022 as a result of the error? Both accrued salaries payable aQuestion 2: Which of the following accounts is(are) overstated by P 50,000 at theend of year 2023 as a result of the error? Retained earnings onlyQuestion 3: VWhat would be the adjusting entry if the error is discovered in year2022? [ Select]Question 4: VWhat would be the adjusting entry if the error is discovered in year2023? [ Select]Question 5: What would be the adjusting entry if the error is discovered in year2024? [ Select ]V [ Select ]Debit - Retained Earnings, P50,000; Credit SalariesPayable. P 50,000.« PrevicNextDebit - Retained Earnings, P50,000; Credit SalariesExpense. P 50,000.save.Submit QNO AJE is necessary becausethe error alreadycounterbalanced.Debit - Salaries expense, P50,000; Credit - Accruedsalaries payable, P 50,000stionsQuestion 1

Accounting errors are mainly inadvertent errors that occur at the time of recording journal entries.…

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 ] Question 4: WWhat would be the adjusting entry if the error is discovered in year 2023? V [ Select ] NO AJE is necessary because the error already Questic ntry if the error is discovered in year 2024? counterbalanced. Debit - Retained earnings, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Retained Earnings, P 50,000 * Previ Next Debit - Salaries expense, P 50,000; Credit Accrued salaries payable, P 50,000 Submit C

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 ] Question 4: WWhat would be the adjusting entry if the error is discovered in year 2023? V [ Select ] NO AJE is necessary because the error already Questic ntry if the error is discovered in year 2024? counterbalanced. Debit - Retained earnings, P 50,000; Credit - Salaries Expense, P 50,000 Debit - Salaries Expense, P 50,000; Credit Retained Earnings, P 50,000 * Previ Next Debit - Salaries expense, P 50,000; Credit Accrued salaries payable, P 50,000 Submit C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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