A business pays its employees' monthly salaries of $20,000, half on the 15th day of each month, and half on the first day of the following month. It is now October 31, and the business must make an adjusting
entry to accrue salaries for the second half of October. Please provide that adjusting entry.
Definitions:
Mechanic's Lien
A security interest granted over an item of property to ensure the payment of the work performed and materials supplied in the building or repairing of that property.
UCC
This extensive legal framework, the Uniform Commercial Code, establishes the rules governing commercial transactions in the United States.
Tenders
Formal offers to carry out work, supply goods, or buy land, goods, or services at a specified price.
Security Interest
A legal claim or lien on collateral, which gives the holder the right to seize property if the debtor fails to meet the obligations of a loan or agreement.
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