Answer to Question #256794 in Accounting for Monty

Question

If $3100 of salaries was paid in January, what was the balance in salaries payable at Dec. 31. Salary payable $700.

Answer 1

The salary payable balance was $3,800 as at Dec 31st. This is because once the payment of $3,100 falls within short term of less than one year making it a short term liability. Mostly there is no other salary was payable since January salary is still not payable.