Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kami & Co . employee's salaries totalled $ 7 , 0 0 0 in August. The employees were not paid until September 1 5 .

image text in transcribed
Kami & Co. employee's salaries totalled $7,000 in August. The employees were not
paid until September 15. What adjustment is needed at the end of August,
assuming Kami & Co. prepares monthly financial statements?
a) Debit Deferred Expense $7,000 and credit Salaries Payable $7,000.
b) Debit Deferred Expense $7,000 and credit Deferred Liabilities $7,000.
c) Debit Salaries Expense $7,000 and credit Salaries Payable $7,000.
d) Debit Salaries Payable $7,000 and credit Salaries Expense $7,000.
e) Debit Salaries Expense $7,000 and credit Deferred Liabilities $7,000.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

125972266X, 9781259722660

More Books

Students also viewed these Accounting questions

Question

What is motivation? Can managers really motivate employees? LO-3

Answered: 1 week ago