Assume That No Reversing Entries Are Made by the Entity

question 25

Multiple Choice

Assume that no reversing entries are made by the entity. How would the entity record the transaction for payment of wages if $5200 was accrued for wages at the end of the year and the first payment of wages in the following year was $63 900?

• A) DR Salaries expense $63 900; CR Cash $63 900
• B) DR Salaries payable $5200; DR Salaries expense $58 700; CR Cash $63 900
• C) DR Salaries expense $63 900; CR Salaries payable $5200; CR Cash $58 700
• D) DR Salaries expense $69 100; CR Salaries payable $5200; CR Cash $63 900

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Definitions:

Identify New Opportunities

The process of recognizing new business prospects or areas for growth and development.

Unmet Needs

Refers to the gap between the current market offerings and the desires or requirements of customers that are not being addressed.

Repurpose

To adapt something for a new use different from its original purpose.

Creating And Identifying

The process of generating new ideas or concepts and recognizing their potential value or significance.