Which of the following describes the transaction resulting in a journal entry with a debit to Salaries payable and a credit to Cash? A. Salaries expense has been incurred but is unpaid. B. Cash was used to pay for salaries that were previously recorded as an expense. C. Cash was used to pay for salaries that were not previously recorded as an expense. D. Cash was used to prepay employee wages.
Which of the following describes the transaction resulting in a journal entry with a debit to Salaries payable and a credit to Cash? A. Salaries expense has been incurred but is unpaid. B. Cash was used to pay for salaries that were previously recorded as an expense. C. Cash was used to pay for salaries that were not previously recorded as an expense. D. Cash was used to prepay employee wages.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Which of the following describes the transaction resulting in a
A. |
Salaries expense has been incurred but is unpaid. |
|
B. |
Cash was used to pay for salaries that were previously recorded as an expense. |
|
C. |
Cash was used to pay for salaries that were not previously recorded as an expense. |
|
D. |
Cash was used to prepay employee wages. |
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