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The City of Seales has a December 31st fiscal year end. Salaries earned by city

goji.go

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9 years ago

The City of Seales has a December 31st fiscal year end. Salaries earned by city

The City of Seales has a December 31st fiscal year end. Salaries earned by city’s General Fund employees for the period December 24th through December 31st will not be paid until January 7th of the next year. On December 31st, the City of Seales’ accounting personnel would:
      a.   debit salaries expense and credit salaries payable.
      b.   debit expenditures—salaries and credit cash.
      c.   make no journal entry because cash has not yet been paid.
      d.   none of the above

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Diesel

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f_zah1

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goji.go Author

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9 years ago

Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth

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Diesel

f_zah1

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9 years ago

You're very welcome!

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joesssss

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9 years ago

The City of Seales has a December 31st fiscal year end. Salaries earned by city’s General Fund employees for the period December 24th through December 31st will not be paid until January 7th of the next year. On December 31st, the City of Seales’ accounting personnel would:
a. debit salaries expense and credit salaries payable.
b. debit expenditures—salaries and credit cash.
c. make no journal entry because cash has not yet been paid.
d. none of the above

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