BJ, an Employee of Walker Corp $\begin{array} { l }\text { Salaries Expense}&800 \\ \text {Salaries Payable }&&800 \\\end{array}$

question 36

Multiple Choice

BJ, an employee of Walker Corp., will not receive her paycheck until April 2.Based on services performed from March 15 to March 30, her salary was $800.The adjusting entry for Walker Corp.on March 31 is

• A) \(\begin{array} { l }\text { Salaries Expense}&800 \\
• \text {Salaries Payable }&&800 \\\end{array}\)
• B)\(\begin{array} { l }\text { No entry is required. }& \\\end{array}\)
• C) \(\begin{array} { l }\text { Salaries Expense }&800 \\
• \text {Cash }&&800 \\\end{array}\)
• D) \(\begin{array} { l }\text { Salaries Payable }&800 \\
• \text {Cash }&&800 \\
• \end{array}\)

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Definitions:

Itemized Deduction

Deductions that taxpayers can claim for certain personal expenses, instead of taking a standard deduction. These can include expenses for healthcare, taxes, interest, and gifts to charity.

Foreign Tax Credit

A nonrefundable tax credit for income taxes paid to a foreign government, aimed at reducing double taxation.

Qualified Adoption Expenses

include necessary costs directly related to and for the principal purpose of the legal adoption of a child, which under certain circumstances, can be tax deductible.

Adoption Credit

A tax credit that offsets qualified adoption expenses, making adoption financially feasible for more families.