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30 August, 13:46

A company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries. The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash. a. True. b. False.

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  1. 30 August, 14:05
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    The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash:

    b. False

    Explanation:

    The company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries.

    Following the Accrual accounting, on December 31, Salary that company unpaid should be recording as a liability account - Salary Payable by adjusting entry:

    Debit Salaries Expense $5,000

    Credit Salary Payable $5,000
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Home » Business » A company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries. The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash. a.
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