Answered

Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

A credit is used to decrease which of the following accounts?
Multiple Choice
О
Service Revenue.
О
Salaries Payable.
О
Cash.
Common Stock.

Sagot :

GinnyAnswer

Final answer:

A credit decreases the Salaries Payable account, reducing the company's liability for unpaid wages.


Explanation:

Salaries Payable is the account that is decreased by a credit. When a credit is used, it reduces the amount owed for salaries or wages earned by employees but not yet paid by the company.

For example, if a company accrues $1,000 in salaries but hasn't paid them yet, it would credit the Salaries Payable account to decrease the liability.

This accounting entry impacts the balance sheet by decreasing the amount of current liabilities.


Learn more about Accounting for Salaries Payable here:

https://brainly.com/question/28238827


Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.