Which Account Is Debited in the Adjusting Entry to Record

question 12

Multiple Choice

Which account is debited in the adjusting entry to record salaries owed to employees, but not paid until next accounting period?

• A)Salary Expense
• B)Unearned Salaries
• C)Salary Payable
• D)Deferred Salary

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Definitions:

Anti-inflation Policy

A set of governmental or central bank strategies aimed at controlling or reducing the rate of inflation in the economy.

Expectations

The anticipations or beliefs about future events or outcomes, which can influence current behavior and decision-making.

Price of Oil

The cost per barrel of crude oil as determined in global markets, influenced by factors such as supply, demand, geopolitical events, and market speculation.

Unemployment

Is the condition of someone actively looking for employment but unable to find work, often used as a key economic indicator.