194k views
5 votes
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The closing entry (after adjustments) would be:

User Chanthu
by
7.2k points

1 Answer

0 votes

Answer:

income summary 143,100 debit

salaries expense 143,100 credit

Step-by-step explanation:

The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:

salaries expense 3,100 debit

salaries payables 3,100 credit

Thus, the total slaries expense for the year would be:

140,000 + 3,100 = 143,100

To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.

User Wishi
by
8.8k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.