On December 31, Year 3 Snack, Inc. adjusted its records to recognize $5,000 of accrued salaries. Based on this information alone.

A. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries expense.

B. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.

C. the income statement for Year 3 would show $5,000 of accrued salaries payable.

D. the income statement for Year 4 would show $5,000 of accrued salaries expense.

Question

Business

Patricky

11 September, 23:42

On December 31, Year 3 Snack, Inc. adjusted its records to recognize $5,000 of accrued salaries. Based on this information alone.

A. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries expense.

B. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.

C. the income statement for Year 3 would show $5,000 of accrued salaries payable.

D. the income statement for Year 4 would show $5,000 of accrued salaries expense.

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Answers (1)

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Kingston · Answer 1

B. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.

Explanation:

The adjusting entry to record the accrued salaries as at December 31, Year 3 of the Snack, Ince. are as follows:

Debit Credit

Accrued salaries expense $5,000

Accrued salaries payable $5,000

Based on the above discussion, the answer shall be B. the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.