Asked by Karim velasquez on May 31, 2024
Verified
The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?
A) Debit Salaries Payable and credit Salaries Expense.
B) Debit Salaries Expense and credit Cash.
C) Debit Accrued Salaries and credit Salaries Payable.
D) Debit Cash and credit Salaries Expense.
E) Debit Salaries Expense and credit Salaries Payable.
Salaries Payable
A liability account that records the amounts of wages earned by employees that have not yet been paid to them.
Salaries Expense
An accounting item that represents the total amount paid to employees in the form of salaries over a specific period of time.
Adjusting Entry
A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
- Understand the imperative to develop adjusting entries for accumulated expenses.
Verified Answer
Learning Objectives
- Understand the imperative to develop adjusting entries for accumulated expenses.
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