Flagg Records Adjusting Entries at Its December 31 Year End

question 87

Multiple Choice

Flagg records adjusting entries at its December 31 year end.At December 31,employees had earned $12,000 of unpaid and unrecorded salaries.The next payday is January 3,at which time $30,000 will be paid.Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.

• A)Debit Salaries expense $12,000;credit Salaries payable $12,000.
• B)Debit Salaries expense $18,000;debit Salaries payable $12,000;credit Cash $30,000.
• C)Debit Salaries payable $18,000;credit Cash $18,000.
• D)Debit Salaries payable $12,000,credit Salaries expense $12,000.
• E)Debit Salaries expense $18,000;credit Salaries payable $18,000.

Comprehend the significance of managing emotions of self and others for healthy relationship building.

Understand emotional regulation strategies and their application in professional environments.

Distinguish between different types of stressors and their impact on workplace behavior.

Recognize the correlation between job satisfaction, organizational behavior, and work performance.

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Definitions:

Resource Market

The marketplace where resources or inputs (such as labor, raw materials, and capital) are bought and sold for the purpose of producing goods and services.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, typically labor.

Marginal Resource Cost

The added expenditure for making one more unit of a product or service.

Profit-Maximizing

The process or strategy undertaken by a firm to achieve the highest possible profit from its operations, considering factors like pricing, production, and cost management.