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Help with accrued problem?
During the year, Cheng Company paid salaries of $23,900. In addition, $9,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
Credit to salaries expense of $9,000
Debit to salaries expense for $32,900
Debit to salaries payable for $23,900
Credit to salaries payable for $9,000
2 Answers
- ?Lv 77 years agoFavorite Answer
Credit to salaries payable for $9,000
Since the $23,900 has already been paid and recorded, you can forget about that. The adjusting entry would be:
Dr Salaries Expense 9,000
Cr Salries Payable 9,000
Source(s): Accounting Fan - 7 years ago
debit salary expense 9k
cr accrued salaries expense 9k
you have to record the additional 9k not paid in the fiscal year.