Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would in
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Explanation:
Accrued salaries expense would be the expense that has been incurred but it is yet to be paid. Precisely, it is the outstanding expense that is unpaid.
The student worked from July 28 (Monday) till August 1 (Friday). The books are closed on 31st July. Thus, the company would record accrued salaries for the last four days of the month i.e., 28th, 29th, 30th and 31st July (Monday - Thursday).
No. of days unpaid = 4
Pay per day = $200
Accrued salaries = $200×4
Accrued salaries = $800
The journal entry to record the accrued salaries would be:
