3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1,...
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3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1, December 31 is a Thursday. One of your assistants debited Salaries Expense and credited Salaries Payable for $12,000.If no correcting entry is recorded:
a.the balance sheet will overstate assets
b.the income statement will over state expenses
c. the balance sheet will overstate liabilities
d. the balance sheet will overstate retained earnings
3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1, December 31 is a Thursday. One of your assistants debited Salaries Expense and credited Salaries Payable for $12,000.If no correcting entry is recorded:
a.the balance sheet will overstate assets
b.the income statement will over state expenses
c. the balance sheet will overstate liabilities
d. the balance sheet will overstate retained earnings
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