Asked by Jasmine Mendoza on Jun 18, 2024
Verified
The adjusting entry for accrued salaries is to:
A) debit Salaries Expense; credit Salaries Payable.
B) debit Salaries Expense; credit Cash.
C) debit Salaries Payable; credit Salaries Expense.
D) debit Cash; credit Salaries Payable.
Accrued Salaries
Salaries that have been incurred but not yet paid, representing a liability for the employer.
Salaries Expense
An expense recorded to represent wages or salaries paid to employees.
Salaries Payable
The liability account that contains the amounts of any salaries owed to employees, which have not yet been paid.
- Detect and preserve details of various adjusting journal entries.
Verified Answer
RO
Reman OsamaJun 19, 2024
Final Answer :
A
Explanation :
The correct adjusting entry for accrued salaries is to debit Salaries Expense and credit Salaries Payable. This records the expense incurred during the period and acknowledges the liability (payable) that the company owes to its employees for the work performed but not yet paid.
Learning Objectives
- Detect and preserve details of various adjusting journal entries.
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