The Reversing Entry for Salaries Is

question 53

Multiple Choice

The reversing entry for Salaries is:

• A)debit Salaries Expense;credit Salaries Payable.
• B)debit Salaries Payable;credit Income Summary.
• C)debit Salaries Payable;credit Salaries Expense.
• D)debit Salaries Expense;credit Accounts Payable.

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Definitions:

Stakeholders

Individuals or groups that have an interest in the success and progression of a company, project, or endeavor.

Competitors

Entities or individuals that are in rivalry against others for the same objective, such as a market share or a race to a finish line.

Consumer Groups

Organized groups of individuals who come together to champion the rights and interests of consumers, often by advocating for safer, more effective, or less costly products and services.

Mutual Obligation

A reciprocal agreement where each party has duties or responsibilities towards the other, typically seen in contracts or social relationships.