Use the following five transactions for Monaco & Associates, Inc.to answer the question(s). $$\begin{array}{lll}
october&1&\text { Bills are sent to clients for services provided in September in the amount of \$ 800 .}\
&9&\text { Dravo Co. delivers office fumiture (\$ 1,060) and office supplies (\$ 160) to }\
&&\text { Monaco leaving an invoice for \$ 1,220 .}\

&15&\text { Payment is made to Dravo Co. for the furniture and office supplies delivered }\
&&\text { on October 9.}\
&23&\text { A bill for \$ 430 for electricity for the month of September is received and will }\
&&\text { be paid on its due date in November.}\
&31&\text { Salaries of \$ 850 are paid to employees.}\
\end{array}$$
-See the transactions to Monaco & Associates. The journal entry to record the October 31 transaction will include a credit to
A) Salaries Expense
B) Salaries Payable
C) Prepaid Salaries
D) Cash

Question

Use the following five transactions for Monaco & Associates, Inc.to answer the question(s). $$\begin{array}{lll}
october&1&\text { Bills are sent to clients for services provided in September in the amount of  \$ 800 .}\
&9&\text { Dravo Co. delivers office fumiture (\$ 1,060) and office supplies  (\$ 160) to }\
&&\text { Monaco leaving an invoice for  \$ 1,220 .}\

&15&\text { Payment is made to Dravo Co. for the furniture and office supplies delivered }\
&&\text { on October 9.}\
&23&\text { A bill for  \$ 430 for electricity for the month of September is received and will }\
&&\text { be paid on its due date in November.}\
&31&\text { Salaries of  \$ 850  are paid to employees.}\
\end{array}$$
-See the transactions to Monaco & Associates. The journal entry to record the October 31 transaction will include a credit to
A) Salaries Expense
B) Salaries Payable
C) Prepaid Salaries
D) Cash

Quizplus · Accepted Answer

The journal entry for paying salaries involves decreasing cash (a credit to Cash) and recording the expense (a debit to Salaries Expense).

Use the Following Five Transactions for Monaco & Associates, Inc