contestada

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?
Multiple Choice
a. Debit Cash and credit Salaries Expense.
b. Debit Salaries Payable and credit Salaries Expense.
c. Debit Salaries Expense and credit Cash.
d. Debit Salaries Expense and credit Salaries Payable.
e. Debit Accrued Salaries and credit Salaries Payable.

Respuesta :

Answer:

d. Debit Salaries Expense and credit Salaries Payable.

Explanation:

The adjusting journal entry for salary is shown below:

Salaries expense A/c XXXXX

       To Salaries payable A/c XXXXX

(Being unpaid salary is adjusted)

For recording this journal entry, we debited the salaries expense account as it is an expense which is shown in the income statement and credited the salaries payable account as it is a short term liability which is shown in the balance sheet

Otras preguntas