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24 September, 22:38

On December 31, 2018, employees who earn $500 per day have worked eight days and will be paid on January 6, 2019. The adjusting entry on December 31, 2018, includes a debit to Salaries Expense for $4,000. a. Trueb. False

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  1. 25 September, 01:02
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    True

    Explanation:

    Salaries for these eight days represent an accrued expense and a related liability to the firm.

    Expense Salaries and Wages Expense is increased = $4,000

    Liability account Salaries and Wages Payable is increased = $4,000.

    The adjusting entries are as follows:

    Debits increase expenses and at the same time Credits increase liabilities:

    Salaries Expense A/c Dr. $4,000

    To Salaries Payable $4,000
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Home » Business » On December 31, 2018, employees who earn $500 per day have worked eight days and will be paid on January 6, 2019. The adjusting entry on December 31, 2018, includes a debit to Salaries Expense for $4,000. a. Trueb. False
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