Examples of current liabilities are all of the following except a. current portion of long-term debt. b. accounts receivable. c. accounts payable. d. short-term notes payable.
The journal entry a company uses to record accrued vacation privileges for its employees at the end of the year is a. debit Salary Expense; credit Cash. b. debit Vacation Pay Expense; credit Vacation Pay Payable. c. debit Vacation Pay Payable; credit Vacation Pay Expense. d. debit Salary Expense; credit Salaries Payable.
Postretirement benefits may include all of the following except a. tuition assistance. b. dental care. c. vacation pay. d. All of these choices are correct.
Answer1) (b) accounts receivable Explanation: it is a current asset . 2) (b) debit Vacation Pay Expense; credit Vacation Pay Payable Explanation: Separate Account is opened as Vacation Pay Expense and Vacation Pay Payable becomes a liability. . 3) (c) Vacation pay
Explanation: Post-retirement benefits don’t include pays for vacations.