GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 32

Question 19. Question :
A company pays each of its two office
employees each Friday at the rate of $100 per day each for a five-day
week that begins on Monday. If the monthly accounting period ends
on Tuesday and the employees worked on both Monday and
Tuesday, the month-end adjusting entry to record the salaries
earned but unpaid is:

Debit Unpaid Salaries $600 and credit Salaries
Payable $600

Debit Salaries Expense $400 and credit Salaries
Payable $400

Debit Salaries Expense $600 and credit Salaries
Payable $600

Debit Salaries Payable $400 and credit Salaries
Expense $400
Question 20. Question :
Based on the following information,
what would be the beginning balance in the Retained Earnings
Account, assuming all accounts have a normal balance?