Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.
Present the entries to record the following:
(1) Accrued salaries as of August 31.
(2) Closing of Salary Expense as of August 31.

Question

Quizplus · Accepted Answer

The Answer of Prior to adjustment at August 31, 2014, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $7,200.
Present the entries to record the following:
(1) Accrued salaries as of August 31.
(2) Closing of Salary Expense as of August 31.

Prior to Adjustment at August 31, 2014, Salary Expense Has