Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.

Question

Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.​

Quizplus · Accepted Answer

The Answer of Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.​

Prior to Adjustment on August 31, Salary Expense Has a Debit