Salaries Are $4,500 Per Week for Five Working Days and Are

question 24

Multiple Choice

Salaries are $4,500 per week for five working days and are paid weekly at the end of the day Fridays.The end of the month falls on a Thursday.The accountant for Dayton Company made the appropriate accrual adjustment and posted it to the ledger.The balance of Salaries Payable,as shown on the adjusted trial balance,will be a ________.(Assume that there was no beginning balance in the Salaries Payable account. )

• A)credit balance of $3,600
• B)debit balance of $900
• C)debit balance of $3,600
• D)credit balance of $900

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Definitions:

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction.

Income Tax

Income tax is a tax levied by governments on individuals or entities based on their income or profits, with rates varying according to income levels.

Consumption

Households utilizing products and services for their needs.

Horizontal Equity

The principle that individuals with similar income and ability should be treated equally by the taxation system, ensuring fairness.