Use the Following Information to Answer Questions

question 63

Multiple Choice

Use the following information to answer questions
The following totals for the month of April were taken from the payroll register of Branson Corp.:

-The journal entry to record payment of the net payroll would include a

• A)debit to Salaries Payable for $17,881.
• B)debit to Salaries Payable for $15,300.
• C)debit to Salaries Payable for $21,065.
• D)credit to Cash for $26,850.

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Definitions:

Gross Accounts Receivable

The total amount owed to a company by its customers before deducting any allowance for doubtful accounts.

Accrual Accounting

A financial recording approach in which earnings and expenditures are documented upon being accrued, without considering the timing of the associated cash movements.

Sell Receivables

The process of selling a company's accounts receivable to a third party at a discount in order to obtain immediate cash.

Ending Balance Sheet

A financial statement showing a company's assets, liabilities, and equity at the final moments of an accounting period.