Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.
(2)Closing of Salary Expense as of August 31.

Salary Expense

The cost incurred by a company for the payment of regular salaries to its employees.

Accrued Salaries

Salaries that have been incurred but not yet paid by the end of a financial period, representing a liability for the business.

Closing

The process of finalizing accounting records at the end of an accounting period, including updating accounts and preparing financial statements.