Asked by
Nicole Mcwhorter
on Oct 16, 2024
Verified
The adjusting entry at the end of an accounting period to record the unpaid salaries of employees for work provided is:
A) Debit Unpaid Salaries and credit Salaries Payable.
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 Cash and credit Salaries Expense.
Salaries Expense
Represents the total amount paid to employees for services rendered during a specific period.
Salaries Payable
Liabilities for salaries that have been earned by employees but not yet paid by the company.
Unpaid Salaries
Salaries that have been incurred but not yet paid out to employees, often representing a liability for the company.
- Highlight and describe the imperative for adjusting entries and their effectuation on the accounting equation.
- Master the understanding and differentiation among prepaid expenses, accrued expenses, and unearned revenues.
Verified Answer
JG
Learning Objectives
- Highlight and describe the imperative for adjusting entries and their effectuation on the accounting equation.
- Master the understanding and differentiation among prepaid expenses, accrued expenses, and unearned revenues.