Asked by
rachel poluakan
on Nov 12, 2024Verified
For a month's transactions for a typical medium-sized business, the salary expense account is likely to have only credit entries.
Salary Expense Account
An account that tracks the total amount paid to employees for services rendered during a specific period.
Credit Entries
Accounting entries that increase liabilities or decrease assets, typically reflecting incoming payments or the granting of credit to a customer.
Transactions
Financial activities or events that affect the financial position of the company.
- Understand the impact of transactions on expense accounts.
Verified Answer
TN
Learning Objectives
- Understand the impact of transactions on expense accounts.