Question 3: A company accrues $5,000 in salaries expense for the current month. Requirements:

1. Record the journal entry to accrue the salaries expense.
2. Post the journal entry to the Salaries Expense account in the ledger.
3. Explain how this transaction impacts the company's financial statements.
4. Calculate the effect of this accrual on net income.
5. Discuss the importance of accrual accounting in matching expenses with revenues.