The Adjusting Entry to Record the Salaries Earned Due to Employees

question 70

Multiple Choice

The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?

• A) Debit Salaries Expense and credit Salaries Payable.
• B) Debit Salaries Payable and credit Salaries Expense.
• C) Debit Cash and credit Salaries Expense.
• D) Debit Accrued Salaries and credit Salaries Payable.
• E) Debit Salaries Expense and credit Cash.

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Definitions:

Test Statistic

A value calculated from sample data used to determine whether to reject the null hypothesis in a statistical hypothesis test.

P-Value

The potential of observing test results that are at least as extreme as the actual ones, under the belief that the null hypothesis is accurate.

Test Statistic

A calculated value used in statistical hypothesis testing that helps decide whether to reject the null hypothesis.

P-Value

A statistical measure that helps determine the significance of results, indicating how likely it is that findings could have occurred under the null hypothesis.