Use This Information to Answer the Following Question

question 10

Multiple Choice

Use this information to answer the following question. The following totals for the month of September were taken from the payroll register of Meadors Company:

-The entry to record the payment of net payroll would include a

• A)debit to Salaries Payable for $24,000.
• B)debit to Salaries Payable for $15,900.
• C)debit to Salaries Payable for $17,000.
• D)credit to Cash for $18,100.

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Definitions:

Functional Currency

The foremost form of currency in the principal economic zone in which a corporation is active, reported in its financial accounts.

Dividends

Payments made by a corporation to its shareholder members, usually as a distribution of profits.

Exchange Rates

The price at which one currency can be exchanged for another, influencing international trade and economics.

Capital Assets (Net)

Capital Assets (Net) are long-term assets minus accumulated depreciation, representing the net amount that reflects the value of the assets that a company uses in its operations over time.