Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 48)
Which of the following accounts are directly impacted when recording an accrual of salaries earned but not yet paid?
Salaries Expense and Salaries Payable
Cash and Salaries Expense
Salaries Payable and Cash
Retained Earnings and Salaries Expense
Explanation
Salaries Expense is debited to reflect the cost of the labor services, and Salaries Payable is credited to show the liability to the employees.
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