Question

Prior to adjustment at August 31, Salaries Expense has a debit balance of $272,650. Salaries owed but not paid as of the same date total $3,140. a. Journalize the adjusting entry to record accrued salaries as of August 31. If an amount box does not require an entry, leave it blank. fill in the blank a669990ad035f95_2 fill in the blank a669990ad035f95_3 fill in the blank a669990ad035f95_5 fill in the blank a669990ad035f95_6 b. Indicate the amount at which Salaries Expense would be included in the closing entry on August 31 and whether it would be a debit or credit. $fill in the blank 2fb8a1093fb4039_1

Answer 1

Answer:

A. Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

B. Dr Income summary $275,790

Cr Salary expense $275,790

Explanation:

A. Preparation of the adjusting entry to record accrued salaries as of August 31

August 31

Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

(To record accrued salaries)

B. Preparation of the Closing entry on August 31

August 31

Dr Income summary $275,790

Cr Salary expense $275,790

($272,650+$3,140)

(To record Closing entry)