Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.
(2)Closing of Salary Expense as of August 31.

Question

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The Answer of Prior to adjustment at August 31, Salary Expense has a debit balance of $298,500. Salaries owed but not paid as of the same date total $4,200.Present the entries to record the following:
(1)Accrued salaries as of August 31.
(2)Closing of Salary Expense as of August 31.

Prior to Adjustment at August 31, Salary Expense Has a Debit