Suppose you have several employees, and you pay them every other Friday. December 31st-year-end comes on a Wednesday, and payday is a week and a half away. If you are on an accrual accounting method, how do you record this payroll expense on your financial statements?

Answer rating: 100% (QA)

In accrual accounting expenses are recognized when they are incurred regardless of the timing of cas... View the full answer