Sheridan co pays its employees twice a month, on the 7th and the 21st. On June 21,
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Question:
Sheridan co pays its employees twice a month, on the 7th and the 21st. On June 21, sheridan co paid employee salaries of $4,840. This transaction would be recorded by a $4,000 debit to Salaries Payable and a $4,000 credit to Salaries Expense.
a). Increase owner's equity by $4,000.
b). Decrease the balance in Salaries Expense by $4,000.
c). Decrease net income for the month by $4,000
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