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Prior to adjustment at August 31, Salary Expense has a debit balance of $267,550. Salaries owed but not paid as of the same date total $3,920.
Required: Present the entries to record the following:
(1) Accrued salaries as of August 31
(2) Closing of Salary Expense as of August 31
Refer to the Chart of Accounts for exact wording of account titles.

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Answer:

1.

Salaries Expense  $3,920 (debit)

Salaries Payable  $3,920 (credit)

2.

Profit and Loss Account $271,470 (debit)

Salaries Expense $271,470 (credit)

Explanation:

1. Recognize an Expense : Salaries Expense and also recognize a liability : Salaries Payable.

2.The Salaries Expense is closed off to the Profit and Loss Account.

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