Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 29 - No. 41)
Which of the following describes the effect of the adjusting entry to record accrued salaries expense?
Increases assets and equity.
Decreases liabilities and equity.
Increases expenses and liabilities.
Decreases assets and expenses.
Explanation
This increases the Salaries Expense (which decreases equity) and increases Salaries Payable (a liability).
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