Which of the following statements is TRUE? O a) The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. b) Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. c) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues. d) Posting to the general ledger for payroll entries is done only at the end of each calendar year.
Which of the following statements is TRUE? O a) The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. b) Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. c) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues. d) Posting to the general ledger for payroll entries is done only at the end of each calendar year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kk181.
Transcribed Image Text:Which of the following statements is TRUE?
O
b)
The adjusting entry to record the accrued vacation pay at the end of an accounting
period includes credits to the tax withholding liability accounts.
Since vacation time is paid when used, there is no need to accrue this time in a
liability account at the end of each accounting period.
c)
Union Dues Payable is a liability account credited with the deductions made from
union members' wages for their union dues.
d) Posting to the general ledger for payroll entries is done only at the end of each
calendar year.
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