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What is the correct accounting entry to accrue annual leave

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Reference no: EM132759307

Problem 1: Hastings Star Company estimates that the amount of monthly salaries on which four weeks annual leave is payable is $83 200. What is the correct accounting entry to accrue annual leave at the end of the month?

Select one:

a. No accounting entry is required

b. DR Annual leave payable $6 400; CR Annual leave expense $6 400

c. DR Annual leave payable $6 400; CR Bank $6 400

d. DR Annual leave expense $6 400; CR Annual leave payable $6 400

Problem 2: Which of the following is a not a disadvantage of operating as a partnership rather than as a company?

Select one:

a. Greater difficulty in selling a share of the business.

b. Fewer disclosure requirements

c. Personal liability for all obligations of the partnership.

d. Partners can act on behalf of the other partners and bind them to a contract by acting within the apparent scope of the business.

Reference no: EM132759307

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