Use the following to answer questions 13 – 14 The company incurs employee salaries of $75,000 for the last week of December which will be paid on January 5th. 13. Record the adjusting entry on December 31st related to the employee salaries Account Debit Credit Indicate by how much net income in the income statement is higher or lower if the adjustment in #13 is not recorded (if lower put ““ in front of your 14. $ answer).

Use the following to answer questions 13 – 14 The company incurs employee salaries of $75,000 for the last week of December which will be paid on January 5th. 13. Record the adjusting entry on December 31st related to the employee salaries Account Debit Credit Indicate by how much net income in the income statement is higher or lower if the adjustment in #13 is not recorded (if lower put ““ in front of your 14. $ answer).

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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