Practice More Questions From: Matching Principle and Payroll Practice Quiz
Q:
A salesperson makes a 5% commission on every sale they make in the month of January, but their commission isn’t paid until February. This means that if they sell $100 worth of products in January, the company will pay them $5 in February.
Q:
An employee earns a bonus of $10,000 in 2019 based on their performance in the workplace. The bonus isn’t paid out to them until 2020. When will the bonus be recorded on the income statement?
Q:
Let’s say a full time hourly employee’s pay period ends on April 20th, but they didn’t get paid until May 3rd. This expense needs to be recorded in which month?
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