Does the salaries payable account normally require an adjusting entry? Explain.
Question:
Does the salaries payable account normally require an adjusting entry? Explain.
Adjusting Entries:
Adjusting entries usually do not include or cover cash accounts. It cover accrued expenses, deferred expenses, accrued income and deferred income.
Answer and Explanation: 1
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View this answerYes, salaries payable are considered as accrued expenses. This account arises when there are expenses already incurred but payment of which are...
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Accrued Expenses & Revenues: Definition & Examples
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Chapter 4 / Lesson 5Learn about accrued revenue. Understand the definition of accrued revenue, identify the types of accrued revenue and expenses, and see accrued revenue examples.
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