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By the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. Demonstrate the required adjusting entry by completing the following sentence. The required adjusting entry would be to debit the Salaries ________ account and _______ the Salaries _______ account.

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hyderali230

Answer:

The required adjusting entry would be to debit the Salaries Expense account and credit the Salaries payable account.

Explanation:

As per accrual concept the expense accrued for any period should be recorded in that period. Salaries accrued and not been paid requires an entry which creates an expense and liability as well. Journal Entry for the transaction is as follow:

Dr.    Salaries Expense    $650

Cr.    Salaries Payable     $650

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