Question

sabrina company recorded an adjusting entry for salaries owed to employees at the end of the year. as a result of this entry, sabrina company's: (select all that apply.)multiple select question.

Answer 1

Sabrina Company recorded an adjusting entry for salaries owed to employees at the end of the year. As a result of this entry, Sabrina Company's equity decreases and liabilities increase.

What is equity?

Equity in finance refers to ownership of assets that may be accompanied with debts or other liabilities. Liabilities are subtracted from asset value to calculate equity for accounting reasons.

What is liabilities?

A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.

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