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On December 31, Year 3 Snack, Inc. adjusted its records to recognize $5,000 of accrued salaries. Based on this information alone.

A.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries expense.
B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.
C.the income statement for Year 3 would show $5,000 of accrued salaries payable.
D.the income statement for Year 4 would show $5,000 of accrued salaries expense.

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Answer:

B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.

Explanation:

The adjusting entry to record the accrued salaries as at December 31, Year 3 of the Snack, Ince. are as follows:

                                                   Debit                Credit

Accrued salaries expense        $5,000

Accrued salaries payable                                   $5,000

Based on the above discussion, the answer shall be B.the balance sheet at the beginning of Year 4 would show $5,000 of accrued salaries payable.

 

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