The Statewide Sales Company Has Gross Pay for March of $45,000.Which

question 140

Multiple Choice

The Statewide Sales Company has gross pay for March of $45,000.Which of the following would be included in the first journal entry in the payroll cycle to record salary expense?

• A) Credit Salary expense
• B) Debit Cash
• C) Debit Salary payable
• D) Debit Salary expense

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Definitions:

Depression

A severe and prolonged downturn in economic activity, marked by significant declines in income, employment, and production, often more severe than a recession.

Gross Investment

The total amount spent on purchasing or constructing new capital goods over a specific time period, without accounting for depreciation.

Net Investment

Net investment refers to the total amount spent on purchasing new capital minus the depreciation on existing capital, indicating the growth of a company or economy's productive capacity.

Capital Goods

Long-lasting goods acquired and used by businesses to produce other goods and services, contributing to their operational capabilities.