The Following Totals for the Month of June Were Taken

question 69

Multiple Choice

The following totals for the month of June were taken from the payroll register of Arcon Company:

The entry to record the payment of net pay would include a

• A) debit to salaries payable for $14,000
• B) debit to salaries payable for $9,350
• C) credit to salaries expense for $9,350
• D) credit to salaries payable for $9,350

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Definitions:

Discounts

Discounts are reductions from the normal cost of goods or services, often offered to prompt sales, reward customers, or clear out inventory.

Price Discriminate

The strategy of selling the same product to different customers at different prices based on their willingness to pay.

Discount Coupons

Vouchers or codes that offer a rebate or reduction on the price of goods or services.

Grocery Store

A retail store that primarily sells food, both fresh and packaged, along with various household items.