Asked by
Jocel Flores
on Nov 15, 2024
Verified
Sally's Spices accrued and unpaid wages are $2,000. Which of the following is the required adjusting entry?
A) Debit Salaries Expense, $2,000; credit Salaries Payable, $2,000
B) Credit Salaries Expense, $2,000; debit Salaries Payable, $2,000
C) Debit Cash, $2,000; credit Salaries Expense, $2,000
D) Debit Salaries Payable, $2,000; credit Cash, $2,000
Salaries Expense
The total amount spent by an organization on employee salaries over a specific period of time.
Salaries Payable
A liability account that records the amount of salaries owed to employees but not yet paid.
Accrued
Income earned or expenses incurred before cash has been exchanged, often recognized in the accounting process.
- Understand the significance of accrual accounting principles in the identification of expenses and revenues.
Verified Answer
SS
Learning Objectives
- Understand the significance of accrual accounting principles in the identification of expenses and revenues.
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