Salary expenses are always credited in the general journal. True False
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- The payment of wages to employees was not recorded in Joyce’s Enterprises books. What type of error is this? Error of Omission Error of Commission Error of Principle Reversal of EntriesWhich of the following defines outstanding salary account? [A] natural personal account [B] artificial personal account [C] representative personal account [D] real accountWhat is the difference between: Salaries and wages expense on the income statement And Salaries and wages payable in the balance sheet? Thank you!
- What is the difference between Wages Payable and Wages Expense? What statement do they appear on? What account are they on? Do they carry a DR or CR balance? Please provide the same for Salary ExpenseWhich of the following is nonbusiness transaction? a. Payment of advance salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance d. Receipt of electricity billWhich of the following describe the Salaries payable account? (Check all that apply.)Which of the following describe the Salaries payable account? (Check all that apply.) Multiple select question. It is reported on the income statement. It is a liability account. It reports amounts owed to employees. It is increased with a debit. It is reported on the balance sheet. It is increased with a credit.
- Which is exempt from VAT? A. Salaries of rank and file employees B. Revenue from lawyering services C. Gross sales of merchandising businesses D. Answer is not given.IDENTIFY THE EFFECT OF THE FOLLOWING TRANSACTION TO THE RISK OF MATERIAL MISSTATEMENT TO FINANCIAL STATEMENTS. The employees of the company are being paid on a weekly basis. Does it have a: A. INCREASE effect B. DECREASE effect C. NO EFFECT effectOne of the staff members asks you to explain the difference between the terms gross and net on the paycheck. How do you respond?
- c. Assuming you have checked this account and have detected that client did not record an expense transaction of $60,000 for the accrued salary incurred in June 2020. The client also did not calculate and record the accrued annual leave expenses for the 2020 financial year at the amount of $30,000 - What management assertions are violated (i.e. at risk) - What would you do in relation to the personnel expenses account if you have determined that the issues detected all are errors (an unintentional mistake).Which of the following describes the transaction resulting in a journal entry with a debit to Salaries payable and a credit to Cash? A. Salaries expense has been incurred but is unpaid. B. Cash was used to pay for salaries that were previously recorded as an expense. C. Cash was used to pay for salaries that were not previously recorded as an expense. D. Cash was used to prepay employee wages.what would the entry be to close it if the salary expense account has a debit balance of $1400
