On April 1 a new employee was hired for a salary of $800. On April...
60.1K
Verified Solution
Link Copied!
Question
Accounting
On April 1 a new employee was hired for a salary of $800. On April 30, the timesheets show that the employee worked for a full month, but the salary will be paid on May.
Required:
With regard to the above situation:
a. State whether it is a prepaid expense, unearned revenue, accrued revenue or an accrued expense.
b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.