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.

Comprehend the influence of media and agenda-setting theories on public opinion and communication.

Identify and apply different communication theories to practical situations in public relations.

Distinguish between qualitative and quantitative research methods.

Recognize the role and impact of digital analytics in public relations.

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Definitions:

Profits and Losses

The net earnings or losses of a company over a specified period, determined by subtracting total expenses from total revenues.

Remaining Partners

Partners who continue the partnership business after one or more partners have exited through withdrawal, ejection, or death.

Original Partnership Agreement

A legal document that outlines the terms, conditions, and operations of a partnership.

Book Value

The net value of a company's assets minus its liabilities, reflecting the total value if assets were sold and liabilities paid off.