Suppose the City of Seymour maintains its general fund on a modified accrual basis. (Possible, but optimistic; Indiana cities are not required to follow GASB).  The fiscal year ended on Wednesday, June 30. Employees were last paid on Friday, June 25. Since then, general fund employees earned a total of $22,000 on June 28, 29, and 30. 

What entry, if any, is required in the City's general fund account to recognize the salaries earned between June 28 and June 30 but not paid by the end of the fiscal year?

Answer rating: 100% (QA)

Step 1 Accrual Basis Accrual accounting is an accounting method ... View the full answer