For each separate case below, follow the 3-step process for adjusting the accrued expense account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record an adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $18,000 has been incurred by the company, but is not yet paid to employees.
b. Interest Payable. At its December 31 year-end, the company owes $375 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year.
c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $1,000 in annual interest that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year.

a. Salaries expense (Dr.) $18,000

Salaries Payable (Cr.) $18,000

b. Interest Receivable (Dr.) $375

Interest Earned (Cr.) $375

c. Interest Expense (Dr.) $1,000

Interest Payable (Cr.) $1,000

Explanation:

The adjusting entries will be made once the expenses are paid. For now these expense are recorded as current liability because the payment needs to be made for the expenses that has already incurred. The salaries expense is recorded in contra account of salaries payable, once these salaries are paid then the expense will recorded as cash outflow.

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

questions answered: 9741

questions asked: 162

no. of brainliest answers: 1575

brainliest answers in last 30 days: 10

warnings: 0 view

questions/answers reported: 2637

questions/answers incorrectly reported: 64

look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

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