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As of December 31, salaries of $9,000 are earned by employees but not yet paid. The company has earned (but not recorded) $950 of interest
As of December 31, salaries of $9,000 are earned by employees but not yet paid. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received next year. The company has incurred (but not recorded) interest expense of $5,000 for the year ended December 31. The company will pay the interest next year.
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1 Accrued Salaries Expense Debit Salaries Expense This entry recognizes the amount of 9000 as an exp...
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
