Ask Question
13 April, 09:51

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 Salarie

+3
Answers (1)
  1. 13 April, 10:16
    0
    The required adjusting entry would be to debit the Salaries expense account $650 and credit the accrued salaries account $650.

    Explanation:

    When an expense is incurred but yet to be settled in accrual accounting, the expense has to be recognized in the period in which it is incurred by debiting the expense account and crediting the accrued expense (a liability) account with the amount incurred.
Know the Answer?
Not Sure About the Answer?
Find an answer to your 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. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers