Asked by Misael Aneuris on Jun 25, 2024
Verified
The adjustment for Accrued Salaries would be to:
A) debit Salaries Expense; credit Cash.
B) debit Salaries Payable; credit Prepaid Salaries.
C) debit Salaries Expense; credit Salaries Payable.
D) debit Salaries Payable; credit Cash.
Accrued Salaries
Salaries that have been incurred but not yet paid to employees by the end of a financial period.
Salaries Expense
Salaries expense refers to the total amount paid to employees for services rendered during a specific accounting period, often reported on the income statement.
Salaries Payable
An account that records owed but unpaid wages to employees, regarded as a current liability on the balance sheet.
- Understand the principle of the double-entry system in adjusting entries.
Verified Answer
Learning Objectives
- Understand the principle of the double-entry system in adjusting entries.
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