Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.

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Angel Gonzalez · Accepted Answer

Final Answer : (1)Salary Expense4,200Salaries Payable4,200(2)Retained Earnings302,700Salary Expense302,700

Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.

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Learning Objectives

Related questions

Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.​

Definitions

Learning Objectives

Learning Objectives

Related questions

Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.