Question

Announcements Send to Gradebook Syllabus < Prev Next > e Textbook Modules Question 1 --/1 Assignments View Policies Grades Current Attempt in Progress Wiley Accounting Weekly Updates Sales salaries paid during 2020 were $89,000. Advances to salesmen were $1,200 on January 1, 2020, and $700 on December 31, 2020. Sales salaries accrued were $1,300 on January 1, 2020, and $1,800 on December 31, 2020. Calculate the sales salaries on an accrual basis for 2020. Wiley CPAexcel Continued Access Sales salaries $ e Textbook and Media Save for Later Attempts: 0 of 1 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attemnt?

Answer 1

Particulars	Amount	Remarks
Salaries paid during 2020	89000
Advances to sales men Jan 1 2020	1200	This amount is added as to this extent advance amount paid salesmen is adjusted against salary payment
Advances to sales men Dec 31 2020	-700	This amount is reduced as to this extent advance amount paid salesmen is pertaining to salary advance not salary expense
Salaries Accrued Jan 1 2020	-1300	This amount would have been paid in current year pertaining to previous year hence reduced
Salaries Accrued Dec 31 2020	1800	This amount is payable for salary of current year and added to expense
Sales salaries on accrual basis	90000
Assumption: This answer is on the assumption that the advances to salesmen is adjusted against salaries.