What is one of the primary benefits of the accrual method of accounting? It reduces the business's overall tax burden. It increases employee efficency. It provides a more accurate financial picture. It reduces overall investment risk. Create your account to access this entire workshe...
Step 1:Firstly, when the company recognizes the salaries of all the employees on an accrual basis, i.e., the salaries and expenses have been booked but not yet paid, the journal entry would be as follows: In this step, the salaries expense is debited as an expense, while the salaries ...
Business Accounting Accrual What kind of account is salary expense in accounting?Question:What kind of account is salary expense in accounting?Salary Expense:Salary expense entails the prices business experiences in compensating its workers for their contribution towards the business performance within a...
What are the General Journal entries that should appear on each pay date? Employee pay accrual and employee pay disbursement. Employee pay disbursement and voluntary deduction remittance. Employee pay remittance and voluntary deduction remittance. Empl ...
Question: Which of the following accounts would not appear in a closing entry? a. Salary Expense b. Interest Income c. Accumulated Depreciation d. Retained Earnings Contra-asset account: The account reported by the business e...
If an accrual is for an expense, the adjusting entry debits an [{Blank}] account and credits a(n) [{Blank}] account. a. asset; revenue b. unearned revenue; revenue c. expense; asset d. expense; liability Identify the ...
Which of the following accounts would not appear in a closing journal entry? a. Interest Revenue b. Accumulated Depreciation c. Retained Earnings d. Salary Expense Which of the following accounts would be used under the accrual...