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mcdarrel's records $500 of accrued salaries on december 31. three days later, on january 3, total salaries of $4,000 (including the $500 accrued at year end) are paid. demonstrate the required journal entry on january 3 by selecting from the choices below. (check all that apply.

Sagot :

Salaries expense would be debited for $3,500. Salaries payable will be debited for $500. Cash would be credited for $4,000

What are accrued salaries?

Accrued salaries are salaries owed to workers for work they have already performed, in other words, they are expenses incurred because the employees have worked, but the only outstanding is that payment to workers has not been effected.

When the $4,000 is paid, the cash balance of the company would reduce by the same amount , in effect, cash account would be credited with $4,000, the credit posted to salary payable initially would be reversed by posting a debit entry in salary payable account such that the remaining $3,500 is debited to salaries expense account, in other words,

Find out more about accrued salaries on:brainly.com/question/14908198

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Full question with options:

McDarrel's records $500 of accrued salaries on December 31. Three days later, on January 3, total salaries of $4,000 (including the $500 accrued at year end) are paid. Demonstrate the required journal entry on January 3 by selecting from the choices below. (Check all that apply.) Multiple select question. Salaries payable will be credited for $500. Salaries expense would be debited for $3,500. Salaries payable will be debited for $500. Cash would be credited for $4,000. Wages expense will be debited for $4,000.

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