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Unformatted text preview: and similarly the salaries payable would be $1400 as well. The October balance would be minus the accrued salaries to ensure that the amount did not get placed in both months. If the salaries are not reversed then the company could have an incorrect expense transaction monetary amount which in turn would give an inaccurate reading of the other parts of the financial report at the end of the year....
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- Spring '11
- Salary, Generally Accepted Accounting Principles, $1400, Misty Charnesky, Mark Bull, incorrect expense transaction