The Salaries Are $6,000 Per Week of 5 Working Days

question 44

Multiple Choice

The salaries are $6,000 per week of 5 working days and are paid weekly at the end of Fridays. The end of the month falls on a Thursday. Patricia made the appropriate accrual adjustment and posted it to the ledger. The final adjusted balance of Salaries Payable, as shown on the adjusted trial balance, will be a: (Assume that there was no beginning balance in the Salaries Payable account.)

• A)credit balance of $4,800.
• B)debit balance of $1,200.
• C)debit balance of $4,800.
• D)credit balance of $1,200.

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Definitions:

Negotiable Document

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, that can be transferred to another holder.

Nonnegotiable Document

A document that cannot be transferred or assigned to another party in a way that confers the original holder's rights to the recipient.

Origin Contract

An agreement made between parties in the country of exportation, dictating the terms of the exchange of goods or services.

Risk Of Loss

The possibility that an asset or investment's value will decrease due to changes in market conditions or other factors.