Wages Are $37,500 Per Week for a Five-Day Workweek, Ending

question 27

Multiple Choice

Wages are $37,500 per week for a five-day workweek, ending on Friday. The last payday of the year was Friday, June 26. Which of the following is correct for the reversing entry on July 1?

• A) credit Salaries Payable for $15,000
• B) debit Salaries Payable for $37,500
• C) debit Salaries Expense for $15,000
• D) credit Salaries Expense for $15,000

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Definitions:

Turning Point

A critical moment or event that leads to a significant change in the course or direction of something.

Prime of Life

A period in adult life when a person is at their peak of physical health, mental stability, and often career achievement, typically seen in mid-adulthood.

Unemployment Effects

The wide-ranging consequences of unemployment on individuals and society, including financial hardship, reduced mental health, and broader economic implications.

Middle-aged Adults

Individuals typically ranging in age from about 40 to 65 years, often experiencing significant life transitions and evaluations.