Question

9 of 47 concepts completedfill in the blank questionby the end of the accounting period, employees have earned salaries of $650, but they will not be paid until the following pay period. demonstrate the required adjusting entry by completing the following sentence.the required adjusting entry would be to debit the salaries (expense/payable) account and (debit/credit) the salaries (expense/payable/unearned) account.need help? review these concept resources.read about the concept

Explanation:

This is an accrued expense adjusting entry. When employees earn salaries but are not yet paid, the company recognizes the incurred expense (Salaries Expense, debited to increase expenses) and records a liability (Salaries Payable, credited to increase the obligation to pay the employees later) in the current accounting period.

Answer:

The required adjusting entry would be to debit the Salaries expense account and credit the Salaries payable account.