The Employees of Leicester Services Company Worked the Last Two

question 3

Multiple Choice

The employees of Leicester Services Company worked the last two weeks of December,2016.They received their paychecks on January 2,2017.Which of the following accounts should appear on the income statement for the year ended December 31,2016?

• A)Salaries Expense
• B)Prepaid Expense
• C)Salaries Payable
• D)Unearned Revenue

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Definitions:

Create Purchase Order

The process of generating a document to officially request goods or services from a supplier, outlining the types, quantities, and agreed prices for products or services.

Make Deposits

The process of adding funds to a bank account, often facilitated by banking or financial software.

Sales on Account

Transactions where goods or services are sold and payment is deferred to a later date, creating accounts receivable.

Create Invoices

The act of generating a document that specifies the amount owed by a customer for goods or services provided.