Salary was stated as a debit balance in the Trial Balance amounting to RM9,000. The salary per year was to be adjusted t...
Salary was stated as a debit balance in the Trial Balance amounting to RM9,000. The salary per year was to be adjusted to RM12,000. Hence, how is the presentation of this adjustment in Statement of Financial Position?
Select one:
a. Accrued Salary RM3,000
b. Accrued Salary RM12,000
c. Prepayment Salary RM3,000
d. Salary expenses RM12,000
Homework Answers
Since Salary of RM 9000 has already been booked, but total of RM 12000 was to be booked, difference of RM3000 will be entered as Accrued Salary i.e. salary not paid yet
Therefore Answer is (a) Accrued salary RM 3000
Journal Entry will be
Salary Expense A/c Dr. RM 3000
Accrued Salary A/c Cr. RM 3000
Add Answer to:
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