Use the Following Information to Answer the Following Questions

question 57

Multiple Choice

Use the following information to answer the following questions.
The following totals for the month of April were taken from the payroll register of Magnum Company.

The journal entry to record the monthly payroll on April 30 would include a

• A)credit to Salaries Payable for $8,150
• B)debit to Salaries Expense for $7,902
• C)debit to Salaries Payable for $8,150
• D)debit to Salaries Payable for $7,902

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Definitions:

Political Economy

The study of production, trade, and their relationship with law, custom, and government, as well as with the distribution of national income and wealth.

Constitution

A written or unwritten system of fundamental laws and principles governing a nation, state, or organization.

Markets

Physical or virtual places where goods, services, or securities are exchanged between buyers and sellers.

Positivism

A philosophical approach asserting that knowledge should be based on empirical and scientific evidence rather than theories.