The Entry to Record the Incurrence of an Expense Will

question 11

Multiple Choice

The entry to record the incurrence of an expense will include:

• A)a debit to Capital and a credit to Cash.
• B)a debit to the expense and a credit to Vouchers Payable.
• C)a debit to the expense and a credit to Accounts Payable.
• D)a debit to Vouchers Payable and a credit to the expense.

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Definitions:

Payroll Taxes

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Employee

An individual who works part-time or full-time under a contract of employment, contributing labor and expertise to an employer.

Employer

An individual or organization that hires and pays people to work.

Wages Expense

The total cost incurred by an organization to pay salaries and wages to its employees for a specific period.