Two Employees Worked One Week and Were Paid Salaries of $1600

question 170

Multiple Choice

Two employees worked one week and were paid salaries of $1600. The journal entry would:

• A)debit Cash for $1600 and credit Salaries Payable for $1600.
• B)debit Cash for $1600 and credit Salary Expense for $1600.
• C)debit Accounts Payable for $1600 and credit Salary Payable for $1600.
• D)debit Salary Expense for $1600 and credit Cash for $1600.

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Definitions:

Communism

A political and economic ideology advocating for a classless society in which the means of production are owned and controlled by the community as a whole.

Consumerism

A social and economic order that encourages the purchase of goods and services in ever-greater amounts.

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending and integrating different cultural practices.

Production

Is the human capacity to make and use the tools and technology that improve our ability to take what we want from nature.