The Dollar Amounts Listed on the Trial Balance Are Obtained

question 41

Multiple Choice

The dollar amounts listed on the trial balance are obtained from the:

• A)beginning balances in the ledger accounts.
• B)ending balances in the ledger accounts.
• C)last period's balance sheet and income statement.
• D)this period's balance sheet and income statement.

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Definitions:

Salaries Payable

An account that represents the amounts owed to employees for work performed that has not yet been paid.

Salary Expense

The total amount paid by a business to its employees for the work done over a specific period, often monthly or annually.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Current-Year Net Income

Current-Year Net Income is the total profit or earnings of a company for the ongoing fiscal year, after subtracting all expenses, taxes, and costs.