1. What adjusting entry does a company make to record accued employee salaries? a. debit salaries...

1. What adjusting entry does a company make to record accued employee salaries?
a. debit salaries expense and credit salaries payable
b. debit salaries expense and credits cash
c. debit salaries payable and credits cash
d. debit salaries expense and credit salaries payable

2. what journal entry does a company make to replenish a petty cash fund?
a. debits cash and credits petty cash.
b. debits petty cash and credits cash.
c. debits various asset and expense accounts and credits cash.
d. debits various asset and expense accounts and credits petty cash.

Solutions

Expert Solution

1. Option A

Debit : Salaries expense

Credit : Salaries payable

2. Option B

Debit : Petty cash

Credit : Cash

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

15 a) If a company fails to make an adjusting entry to record supplies expense, then...

15 a) If a company fails to make an adjusting entry to record supplies expense, then a. owner's equity will be understated. b. expense will be understated. c. assets will be understated. d. net income will be understated. b. On June 1, during its first month of operations, Brodeur Spa purchased supplies for $4,200 and debited the supplies account for that amount. At June 30, an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should...

The Accountant for Herald Company forgot to make an adjusting entry to record depreciation expense for...

The Accountant for Herald Company forgot to make an adjusting entry to record depreciation expense for the year. The effect of this error would be: a) An overtstatement of equity and an undertstatement of assets. b) An understatement of equity and an overstatement of assets. c) An understatement of equity and assets. d) An overstatement of equity and assets. e) None of the above

Please make corrections entries and adjusting entries: a. The company pays employee salaries of december period,...

Please make corrections entries and adjusting entries: a. The company pays employee salaries of december period, on January 5 of the following year with the journal: Employees salaries expense 575.000.000 Cash 575.000.000 b. A car whose book value is zero turns out that the used car can still be sold at $30,000,000 and recorded with the journal: Cash 30.000.000 Sales 30.000.000 c. A new machine that was purchased at a price of $300,000,000 with an installation fee of $500,000 was...

1. The accountant for the Mobe Company made an adjusting entry to record depreciation for the...

1. The accountant for the Mobe Company made an adjusting entry to record depreciation for the current year twice by mistake. The effect of this error would be: A. An overstatement of assets offset by an understatement of owner’s equity. B. An understatement of assets, net income, and owner’s equity. C. An overstatement of assets and of net income, and an understatement of owner’s equity. D. An overstatement of net income and an understatement of assets. E. None of the...

1. The entry to record interest expense on a bank loan payable is a debit to...

1. The entry to record interest expense on a bank loan payable is a debit to interest expense and credit to note payable. debit to note payable and credit to interest revenue. debit to interest payable and credit to interest revenue. debit to interest expense and credit to interest payable. 2.Which of the following statements is true? If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a...

If you did not record adjusting entry for accruals, what would be the impact on the...

If you did not record adjusting entry for accruals, what would be the impact on the financial statement of the company?

1. The adjusting entry to record the accrual of wages would involve a a) none of...

1. The adjusting entry to record the accrual of wages would involve a a) none of the answers listed b) credit to Cash. c) debit to Wages Payable. d) debit to Wages Expense. 2. The Balance Sheet credit column of the work sheet would include which of the following account(s)? a) revenue b) accumulated depreciation, liabilities, capital c) assets, drawing d) expenses 3. Which of the following entries contains both a balance sheet account and an income statement account? a)...

Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance...

Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (–). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. During the month, the Supplies (asset) account was debited $1,750...

1. Which of the following are examples of adjusting entries? i) An entry to record interest...

1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...

What would the journal entry be for these adjusting entries?1. On October 1, the company...

What would the journal entry be for these adjusting entries?1. On October 1, the company loaned $3,000 to an officer who will repay the loan in one year at an annual interest rate of 12%.2. On November 1, the company deposited $10,000 in a savings account that earned 3% interest per year.3. Paid $1,100 for an 11-month insurance premium on July 1, this year. The entry in July increased the Prepaid insurance account.4. Purchased equipment for $12,000 cash on January...

Subjects