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Porblem 1: A company shows a balance in Salaries Payable of $40,000 at the end of the month. On the next payday in the following month, the amount of $50,000 is to be paid. What will be the entry to record the payment of salaries on this payday? Option a. Salaries Expense ...................... 50,000 Salaries Payable .................. 50,000
Option b. Salaries Expense ...................... 50,000 Cash .............................. 50,000
Option c. Salaries Expense ...................... 10,000 Cash .............................. 10,000
Option d. Salaries Expense ...................... 10,000 Salaries Payable .................. 40,000 Cash .............................. 50,000
As an auditor in this situation, would you support the change in policy or ask management to continue using the straight-line method? Justify your response
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