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    Phoenix city workers earned $500,000 in salary during the ye

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    Phoenix city workers earned $500,000 in salary during the year. General government accounted for $200,000 public safety accounted for $200,000, park and recreation accounted for 100,000. At the end of the year the salaries payable balance was $15,000. Show the impact of each transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

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    Solution Preview

    Salaries earned = 500,000

    General government salaries 200,000
    Public safety salaries 200,000
    Parks and rec salaries 100,000
    Salaries payable 500,000

    If the salaries payable balance was ...

    Solution Summary

    Phoenix city workers earned $500,000 in salary during the year. General government accounted for $200,000 public safety accounted for $200,000, park and recreation accounted for 100,000. At the end of the year the salaries payable balance was $15,000. Show the impact of each transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

    $2.19

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