Expenses sometimes make their contribution to revenue in a different period than when they are paid.When salaries and wages are incurred in one period and paid in the next period, this leads to which account appearing on the balance sheet at the end of the time period?

Question

Quizplus · Accepted Answer

When salaries and wages are incurred in one period and paid in the next, it creates a liability because the company owes the employees for the work they have done. This liability is called Salaries and Wages Payable and is recorded on the balance sheet.

Expenses Sometimes Make Their Contribution to Revenue in a Different