(Solved by Humans)-Your Turn 3-1 1. You would pay $1,000 x 0 . 07 x 1/2 = $35 in interest. 2. This is an accrual-the...
Question
Your Turn 3-1 1. You would pay $1,000 x 0.07 x 1/2 = $35 in interest. 2. This is an accrual-the action of incurring the expense via the passage of time precedes the cash payment. Your Turn 3-2 Yes, salary expense needs to be accrued. The expense for June would routinely be recorded on July 15 when the payment is made. To get the June salary expense on the income state ment for the year ending June 30, ABC Company needs to accrue the expense. A month of salary expense for June is recorded as salary expense and salaries payable in the amount of $56,000.
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