Question

By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the Salaries (expense/payable) account and (debit/credit) the Salaries (expense/payable/unearned) account.

Answer 1

Answer:

                              Adjusting entry

Date  Account Name and Explanation    Debit    Credit

         Salaries Expense                              $650

                Salaries payable                                      $650

         (To record salary expense)