Prior to Adjustment on August 31, Salary Expense Has a Debit

question 121

Essay

Prior to adjustment on August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.(2)The effect of closing of Salary Expense as of August 31.​

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Definitions:

Budget Approval

The formal process of validating a financial plan that allocates resources for specific activities or periods.

Break-out

A significant or sudden move, often referring to stocks or products that rapidly gain attention or market share.

Rental Cars

Vehicles leased to customers for a short term, often ranging from a few hours to weeks.

Maintenance

Maintenance involves the actions taken to keep equipment, systems, or structures in working order or to restore them to proper operation after failure.