the correct adjusting entry for accured and unpaid employee salaries of 8800 on dec 31 is deb sal exp 8800 credit prepaid sal 8800 deb sal ex 8800 credit cash 8800 deb sal pay 8800 credit fee earn 8800 deb sal ex 8800 credit sal pay 8800

the correct adjusting entry for accured and unpaid employee salaries of 8800 on dec 31 is deb sal exp 8800 credit prepaid sal 8800 deb sal ex 8800 credit cash 8800 deb sal pay 8800 credit fee earn 8800 deb sal ex 8800 credit sal pay 8800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

the correct adjusting entry for accured and unpaid employee salaries of 8800 on dec 31 is

deb sal exp 8800 credit prepaid sal 8800

deb sal ex 8800 credit cash 8800

deb sal pay 8800 credit fee earn 8800

deb sal ex 8800 credit sal pay 8800

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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