Baxter company failed to accrue $30,000 of salary expense at theend of 2017. The...

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Accounting

Baxter company failed to accrue $30,000 of salary expense at theend of 2017. The salaries expense was recorded as paid in 2018.Ignoring taxes, what journal entry will Baxter make in 2018 tocorrect this error?

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Ans Since Bexter Company failed to accrue Salary Expense of 30000 as on December 31 2017 and record them at the time of payment in the year 2018 Thus in December 31 2017 it has made an error by not recording the following entry Salary Expense Ac Dr 30000 To Salary Expense Payable Ac 30000 And further in 2018 it made an error by the following Salary Expense Ac Dr 30000 To Cash Ac 30000 This is an error because this salary expense belong to the year 2017 and not See Answer

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In: AccountingBaxter company failed to accrue $30,000 of salary expense at theend of 2017. The salaries...Baxter company failed to accrue $30,000 of salary expense at theend of 2017. The salaries expense was recorded as paid in 2018.Ignoring taxes, what journal entry will Baxter make in 2018 tocorrect this error?