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

question 10

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. Determine the balance in Salaries Expense on July 1 after reversing entries have been journalized and posted to the ledger.

• A) credit balance of $15,000
• B) debit balance of $37,500
• C) debit balance of $15,000
• D) credit balance of $7,500

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Definitions:

Joint Custody

Children divide their time between their parents, who share decisions about the children’s upbringing (sometimes called dual residence custody).

Co-Custody

An arrangement where two or more parties share legal and/or physical responsibility and care for a child or children.

Parental Conflict

Disagreements or disputes between parents, which can also involve tension and opposition.

Financial Hardship

A situation where an individual or family struggles to meet basic financial obligations due to low income, high expenses, or unexpected financial demands.