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10 June, 22:29

Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued salaries is $3,100. The closing entry (after adjustments) would be:

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  1. 10 June, 23:39
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    income summary 143,100 debit

    salaries expense 143,100 credit

    Explanation:

    The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:

    salaries expense 3,100 debit

    salaries payables 3,100 credit

    Thus, the total slaries expense for the year would be:

    140,000 + 3,100 = 143,100

    To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.
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