Brussels Products began its Belgian operations on January 1. The following is the journal entry for the total payroll for January of €60,000: €40,000 paid to factory workers and €20,000 paid to marketing and administrative personnel:
A) Direct Labor Inventory . . . . . . . . . . . . . . . 40,000
Salaries Expense. . . . . . . . . . . . . . . . . . . . 20,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . 60,000
B) Salaries Expense. . . . . . . . . . . . . . . . . . . 60,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . 60,000
C) Work-in-Process Inventory. . . . . . . . . . . . . . 60,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . 60,000
D) Work-in-Process Inventory. . . . . . . . .. . . . . . 40,000
Salaries Expense. . . . . . . . . . . . . . . . . . . . 20,000
Cash. . . . . . . . . . . . . . . . . . . . . . . 60,000
E) Work-in-Process Inventory . . . . . . . . . . . . . . 20,000
Salaries Expense . . . . . . . . .. . . . . . . . . . . 40,000
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Correct Answer:
Verified
Q70: City Bicycle City Bicycle , a cycling
Q71: City Bicycle City Bicycle , a cycling
Q72: The market value for inventory valuation purposes
Q73: U.S.GAAP specifies that, in the context of
Q74: The lower-of-cost-or-market basis for inventory valuation
A)is a
Q76: Brussels Products began its Belgian operations on
Q77: Which of the following is true regarding
Q78: City Bicycle City Bicycle , a cycling
Q79: IFRS specifies that, in the context of
Q80: Which of the following is/are true regarding
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents