Financial Accounting
10th Edition
ISBN: 9781119298229
Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.
Publisher: WILEY
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Question
Chapter 2, Problem 2Q
To determine
Debit
Debit is a type of accounting entry in the double entry book keeping system. A debit entry may result in either of the following results:
- Increase in an expense
- Increase in the value of an asset
- Decrease in an income
- Decrease in the value of equity or a liability
Credit
Credit is a type of accounting entry in the double entry book keeping system. A credit entry may result in either of the following results:
- Increase in an income
- Increase in the value of equity or a liability
- Decrease in an expense
- Decrease in the value of an asset
Whether debit and credit mean increase and decrease, respectively.
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Calculate gross profit of this general accounting question
Ayayai Corp. employs a five-day workweek Monday - Friday and a September 30 year-end. Normal weekly wages amount to $32900. If September 30 is a Wednesday, what is the appropriate journal entry on October 2, the next payday for Ayayai?
A. Salaries and Wages Expense 19740 Salaries and Wages Payable 13160 Cash 32900
B. Salaries and Wages Payable 13160 Cash 13160
C. Salaries and Wages Expense 19740 Cash 19740
D. Salaries and Wages Expense 13160 Salaries and Wages Payable 19740 Cash 32900
MCQ
Chapter 2 Solutions
Financial Accounting
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