Two Employees Worked a Week and the Business Paid Salaries

question 27

Multiple Choice

Two employees worked a week and the business paid salaries of $1,200.The journal entry would:

• A)debit Cash for $1,200 and credit Salaries Payable for $1,200.
• B)debit Accounts Payable for $1,200 and credit Cash for $1,200.
• C)debit Accounts Payable for $1,200 and credit Salary Payable for $1,200.
• D)debit Salary Expense for $1,200 and credit Cash for $1,200.

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Definitions:

Voting Power

The rights of shareholders or members to vote on corporate or organizational matters.

Class Action

A type of lawsuit where one of the parties is a group of people who are represented collectively by a member of that group.

Dividends

Disbursements issued by a company to its shareholders, representing a distribution of the company's earnings to its stockholders.

Corporation Treasury

The division within a corporation responsible for its financial operations, including cash management, investments, and risk management.