3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1,...
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Accounting
3.Your employerhas aMondayFriday workweekand distributes its $20,000 payroll each Friday. In 20X1, December 31is 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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