The Entry to Adjust the Accounts for Salaries Accrued at the End

question 195

Multiple Choice

The entry to adjust the accounts for salaries accrued at the end of the accounting period is

• A) debit Salaries Payable; credit Cash
• B) debit Cash; credit Salaries Payable
• C) debit Salaries Payable; credit Salaries Expense
• D) debit Salaries Expense; credit Salaries Payable

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Definitions:

Budgeting

The process of creating a plan to spend your money, forecasting future income and expenses over a specified period.

Nonquantifiable Economic Events

Economic activities or occurrences that cannot be precisely measured or valued in numerical terms.

Financial Reports

Documents that communicate an organization's financial status to stakeholders, including income statements, balance sheets, and cash flow statements.

Special Memos

Documents used within an organization to communicate unique or unusual transactional information that doesn't fit the regular documentation processes.