Daniel has been working hard all year and just received a bonus check from his employer. Rather than spend

Chase Company has 10 employees, who earn a total of $2,200 in salaries each working day. They are paid on Monday for the five-da

UkoKoshka [18]

The adjusting entry is shown below:

Salaries expense A/c $6,600

To Salaries payable A/c $6,600

(Being salary is adjusted)

The salaries expense is computed by

= Total salary each day × number of days

= $2,200 × 3 days

= $6,600

The 3 days is computed from Monday to Wednesday

And for correct posting, we debited the salaries expense account and credited the salaries payable account.

<h3>What is Salary Payable and Salary Expense?</h3>

Salaries expense is how much an employee earned in salary. Salaries payable refers only to the amount of salary pay that employers have not yet distributed to employees.

Since Salaries are an expense, the Salary Expense is debited.

Correspondingly, Salaries Payable are a Liability and is credited on the books of the company.

Learn more about Salary Payable and Expenses on:

brainly.com/question/14299088

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7 0

2 years ago

If the price of coffee cups falls and the consumer decides to buy more coffee cups solely because they are less expensive, this

Tatiana [17]

Consumer surplus effect

3 0

4 years ago

In the seven step military problem solving process you have identified the problem. what is the next step?

zhannawk [14.2K]

The next step is Gather information. The objective is to have high caliber, satisfactory choices made in battle and preparing circumstances. The Military Problem Solving Process enables pioneers to confront complex issues in circumstances where data may be restricted.
While creating conceivable arrangements amid the Military Problem Solving Process, the pioneers will precisely record every conceivable arrangement and compress the Solution in composing and outlines.

4 0

3 years ago

A company introduced a new low calorie version of one of its popular cold drinks. as a result, the sales of the original cold dr

sashaice [31]

This situation is known as cannibalization. Cannibalization is a marketing strategy that refers to the reduction company's see in there sales volume, revenue or market share of a current product when they release a new product. When a company releases a new product, those who are fans of their other products will likely try the new product instead of the hold which initially brings down the volume they sell and make from the initial product.

4 0

3 years ago

Reporting changes in Equipment on Statement of Cash Flows An analysis of the general ledger accounts indicates that delivery equ

KiRa [710]

Answer:

$200,000 cost of Equipment

This is not shown in the Cash flow statement unless it was purchased in the current year. Seeing as the asset is being sold significantly less than it was bought, we will assume this is not the case so this does not go into the Cashflow statement.

$60,000 Accumulated depreciation

NOT SHOWN IN CASHFLOW STATEMENT because it is only the current year depreciation that is shown.

$132,500 sales price.

This is ADDED TO CASHFLOW FROM INVESTING ACTIVITIES because investing activities deals with fixed assets so when they are sold, they are added back to the Investing activities to reflect the inflow of cash.

$7,500 loss on Sale of Equipment

This is ADDED TO CASHFLOW FROM OPERATING ACTIVITIES because the sales price already includes it in Investing activities yet Net income has accounted for it already by deducting it. To avoid double counting, the loss will have to be cancelled out by adding it back to the operating activities.

6 0

3 years ago