On December 31, 2021, employees who earn $500 per day have worked eight days and will be paid on January 6, 2022. The adjusting entry on December 31, 2021, includes a debit to Salaries Expense for $4,000.
A. True
B. False

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09-12-2022
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On December 31, 2021, employees who earn $500 per day have worked eight days and will be paid on January 6, 2022. The adjusting entry on December 31, 2021, includes a debit to Salaries Expense for $4,000.
A. True
B. False

Answer :

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aashvi1 aashvi1 · Answer 1 · 2022-12-14T20:46:45-05:00

The matching principle and the revenue recognition principle are two essential accounting principles that are combined in accrual basis accounting. The matching principle states that expenses must be recorded in the same time as the revenue they contribute to.

Which of the following might be a diary entry to adjust?

Accruals, deferrals, and estimations make up the majority of modifying journal entry categories. When one accounting period changes into another, it is used for accrual accounting purposes.

What will be a part of the adjusting entry to incur interest expense?

An interest expense and a payable account from the borrower's side, or an interest income and a receivable account from the lender's side, make up the adjusting entry for accrued interest.

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On December 31, 2021, employees who earn $500 per day have worked eight days and will be paid on January 6, 2022. The adjusting entry on December 31, 2021, includes a debit to Salaries Expense for $4,000. A. True B. False

Answer :

Other Questions

On December 31, 2021, employees who earn $500 per day have worked eight days and will be paid on January 6, 2022. The adjusting entry on December 31, 2021, includes a debit to Salaries Expense for $4,000.
A. True
B. False