A company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries. The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash. a. True. b. False.

The year-end adjusting entry on December 31 will include a debit to Salaries Expense and a credit to Cash:

b. False

Explanation:

The company owes its employees $5,000 for the year ended December 31. It will pay employees on January 6 for the previous two weeks' salaries.

Following the Accrual accounting, on December 31, Salary that company unpaid should be recording as a liability account - Salary Payable by adjusting entry:

Debit Salaries Expense $5,000

Credit Salary Payable $5,000

a corporation is legally separate from its owner, and it pays its own taxes.

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