If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what
Question:
If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing entry could be made?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
In accounting accrued expenses are costs that a company has incurred but not yet paid A company woul...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing entry could be made? When would it be made?
-
At the end of the preceding period, a company recorded accrued salaries payable of $3 500. On 2 July, the second day of the new period, the company debited Salaries Expense and credited Cash at Bank...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense, Concessions...
-
(a) In MeV/c, what is the magnitude of the momentum associated with a photon having an energy equal to the electron rest energy? What are the (b) Wavelength and (c) Frequency of the corresponding...
-
In slow pitch softball the underhand pitch must reach a maximum height of between 1.8 m and 3.7 m above the ground. A pitch is made with an initial velocity v0 of magnitude 13 m/s at an angle of 33?...
-
When creating association rules, why is it common to only consider rules with a confidence measure above a minimum threshold? a. A minimum confidence threshold is not necessary if item granularity is...
-
Believing that its traditional cost system may be providing misleading information, Dover Corporation is considering an activity-based costing (ABC) approach. Dover Corporation employs a full-cost...
-
The X hotel desires to earn after-tax income of $150,000 in 2021. Its average daily rate (ADR) is $70, and its variable costs per room sold equal $40. Its annual fixed costs total $160,000, and its...
-
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Assume no other adjusting entries are made during the year. 1. Prepaid Insurance....
-
Assume that Katrina Lake of titch Fix plans to expand her business to accommodate more product lines. She is considering financing expansion in one of two ways: (1) Contributing more of her own funds...
-
Property, Plant, and Equipment Classification Which of the following would be in the Property, Plant, and Equipment balance sheet category? Land Buildings Accumulated depreciation Patent Leasehold...
-
Do firms choose capital structures that fully exploit the tax advantages of debt?
-
Under what conditions do the IRR rule and the NPV rule coincide for a stand-alone project?
-
Explain why ranking projects according to their NPV might not be optimal when you evaluate projects with different resource requirements.
-
Why would debt holders desire covenants that restrict the firms ability to pay dividends, and why might shareholders also benefit from this restriction?
-
Can the payback rule reject projects that have positive NPV? Can it accept projects that have negative NPV?
-
A national union wanted to organize the employees of Dexter Thread Mills. The company parking lot was adjacent to a public highway, separated from the highway by a 10-foot-wide grassy public...
-
State whether each statement is true or false. If false, give a reason. {purple, green, yellow} = {green, pink, yellow}
-
Laredo Boot Company makes specialty boots for the rodeo circuit. On December 31, 2008, the company had (a) 300 pairs of boots in finished goods inventory and (b) 1,400 heels at a cost of $16 each in...
-
Shown here are annual financial data at December 31, 2009, taken from two different companies. Required 1. Compute the cost of goods sold section of the income statement at December 31, 2009, for...
-
The following calendar year-end information is taken from the December 31, 2009, adjusted trial balance and other records of Gucci Company. Advertising expense . . . . . . . . . . . . . . . . . . . ....
-
Tempo Company's fixed budget (based on sales of 16,000 units) folllows. Fixed Budget Sales (16,000 units $210 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales...
-
Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Boston...
-
A 75-year-old man has prostate cancer that has metastasized to bone. He is receiving hormonal therapy to slow progression of the neoplasm and codeine by mouth for pain when it is absolutely required,...
Study smarter with the SolutionInn App