Register
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
33.2k views
0 votes
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.

User Extraeee
by
4.0k points

1 Answer

4 votes

Answer:

The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash:

b. False

Step-by-step 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

User HamZa
by
4.3k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.3m questions

5.6m answers

Other Questions

How can expansionary​ expenditure-based fiscal policy lead to crowding out in the​ economy? A. ​Expenditure-based fiscal policy increases the national​ debt, inducing​ forward-looking households and firms
Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation.
In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. He asked for no input from his
Andrew doesn’t want to spend a lot of money on student loans, and does not qualify for grants. what is his best option for affording a bachelors degree
The Yum and Yee food truck near the business school serves customers during lunch hour by taking orders and making fresh batches of stir-fry. Customers have only one choice during the lunch hour so that
Link Copied!