The employees of Lucid Laboratories are paid every two weeks on Friday. Total payroll is $25,000 and covers 10 workdays. The end of the current month falls on Tuesday of the pay period. What is the adjusting journal entry to accrue payroll at the end of the month?

A)
Salaries Expense
7,500

Salaries Payable

7,500

B)
Prepaid Salaries
7,500

Salaries Payable

7,500

C)
Salaries Expense
17,500

Prepaid Salaries
7,500

Salaries Payable

25,000

D)
Salaries Expense
17,500

Salaries Payable

17,500

Answer: D

Business

You might also like to view...

Which of the following terms refers to a written agreement that describes the conduct of an employee that led to the potential termination, specific policy violations, and specific work requirements that if not met will lead to termination in the

future, as well as the employee's forfeit of arbitration or litigation rights? a. nondisclosure agreement b. service level agreement c. last chance agreement d. collective bargaining agreement

Business

Which of the following is true?

A. The optimal hedge ratio is the slope of the best fit line when the spot price (on the y-axis) is regressed against the futures price (on the x-axis). B. The optimal hedge ratio is the slope of the best fit line when the futures price (on the y-axis) is regressed against the spot price (on the x-axis). C. The optimal hedge ratio is the slope of the best fit line when the change in the spot price (on the y-axis) is regressed against the change in the futures price (on the x-axis). D. The optimal hedge ratio is the slope of the best fit line when the change in the futures price (on the y-axis) is regressed against the change in the spot price (on the x-axis).

Business