Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date total $2,550. Prepare the entries to record the following:

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Business

Finley Copeland

10 April, 21:12

Prior to adjustment at August 31, Salary Expense has a debit balance of $322,200. Salaries owed but not paid as of the same date total $2,550. Prepare the entries to record the following:

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Chana · Answer 1

The Journal entry is shown below:-

a. Salary Expense Dr, $2,550

To salaries payable $2,550

(Being accrual of salary is recorded)

b. Income summary Dr, $324,750

To Salary expense $324,750

($322,200 + $2,550)

(Being closing of salary expense is recorded)