Able Company pays its employees twice a month, on the 7th and the 21st. On June 21,

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Able Company pays its employees twice a month, on the 7th and the 21st. On June 21, Able Company paid employee salaries of $5,000. This transaction would

a. decrease net income for the month by $5,000.

b. increase owner’s equity by $4,000.

c. decrease the balance in Salaries Expense by $4,000

d. be recorded by a $4,000 debit to Salaries Payable and a $4,000 credit to Salaries Expense.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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Posted Date: Jan 31, 2022 01:47 AM

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Able Company pays its employees twice a month, on the 7th and the 21st. On June 21,

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Correct Answer is Option a Payment of Salaries 5000 for the month of ... View the full answer

Intermediate Accounting

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