Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur. Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year. Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses. To identify: Reversing entry for the adjusting entry of accrued salary.

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Answer 1

Question

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

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Answer 2

Question

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

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Answer 3

Question

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

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Answer 4

Question

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

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Answer 5

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

Answer 6

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

Answer 7

Chapter 3, Problem 14DQ

To determine

Accrued Salary: Accrued expenses are the accounting expenses incurred in the current year but remain unpaid or unrecorded till the end of the accounting period. Therefore, accrued salary is the salary which remains unpaid at the end of accounting period. These expenses form a part of liabilities. As per accrual principle, expenses are recorded in the period when they occur.

Reversing Entries: Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries passed in the immediately previous financial year.

Adjusting Entries: Adjusting entries are optional journal entries passed at the end of the accounting period to match the revenue with the expenses.

To identify: Reversing entry for the adjusting entry of accrued salary.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - A company forgot to record accrued and unpaid...Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQ Ch. 3 - On November 1, Stockton Co. receives $3,600 cash...Ch. 3 - Prob. 5MCQ Ch. 3 - Prob. 1DQ Ch. 3 - Prob. 2DQ Ch. 3 - Prob. 3DQ Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ

Solution Summary: The author explains that accrued salary is a part of liabilities. Reversing entries are journal entries recorded in the beginning of the accounting period to cancel the effect of adjusting entries.

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