A Business Pays Salaries of $140,000 on the First and Fifteenth

question 135

Essay

A business pays salaries of $140,000 on the first and fifteenth day of every month.Which of the following is the adjusting entry required on December 31,2011?
A) A debit $140,000 to Salaries expense and a credit $140,000 to Salaries payable.
B) A debit $140,000 to Salaries receivable and a credit $140,000 to Salaries payable.
C) A debit $140,000 to Salaries expense and a credit $140,000 to Salaries receivable.
D) No adjusting entry is required.

• A) A debit $140,000 to Salaries expense and a credit $140,000 to Salaries payable.
• B) A debit $140,000 to Salaries receivable and a credit $140,000 to Salaries payable.
• C) A debit $140,000 to Salaries expense and a credit $140,000 to Salaries receivable.
• D) No adjusting entry is required.

Decision-making based on calculation of contribution margins and total contribution margin maximization.

Understand the impact of capacity constraints on product mix and profitability.

Understand the concept of accepting responsibility for one's actions.

Comprehend the ethical considerations of privacy, accuracy, accessibility, and property in information management.

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Definitions:

Foreign Intelligence Surveillance Act Court

A federal court established to oversee requests for surveillance warrants against foreign spies inside the United States by federal law enforcement and intelligence agencies.

FISA Court

Refers to the Foreign Intelligence Surveillance Court, a U.S. federal court established to oversee requests for surveillance warrants against foreign spies inside the United States.

Sneak And Peek

Refers to a law enforcement tactic of secretly searching a property without immediately notifying the target of the search.

Agency

A legal relationship in which an agent acts under the direction of a principal for the principal’s benefit. Also used to refer to government regulatory bodies of all kinds.