Homework Answers
a. Salary Expense - increase -$1,420
Salary Payable A/c - increase -$1,420
Since it is a payable for the period and accrued, the expense falls within the period and there exist the liability for 1 day payment after paying Friday pay for the end of the week.
b. Salary Expense - increase -$4260
Salary Payable A/c - increase -$4,260
Since the salary for Monday, Tuesday and Wednesday will be paid on the coming Friday and the 3days fall under the accounting period, the accrued expense is debited as an expense for the year and the three days liability exist at the end of the accounting period i.e., Wednesday.
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