As of December 31, salaries of $9,000 are earned by employees but not yet paid. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received next year. The company has incurred (but not recorded) interest expense of $5,000 for the year ended December 31. The company will pay the interest next year.

Prepare adjusting entries for the year ended December 31.

Answer rating: 100% (QA)

1 Accrued Salaries Expense Debit Salaries Expense This entry recognizes the amount of 9000 as an exp... View the full answer