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    nanashelper's Avatar
    nanashelper Posts: 1, Reputation: 1
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    #1

    Apr 25, 2009, 07:54 AM
    Balance sheets to income statements
    If I was working during the last two weeks of December, but received my pay on January 3. using the matching principle which accounts would appear on the balance sheet for and which would appear on the income statement for the year ended December 31?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 27, 2009, 05:17 PM

    Salaries Paybale and Salries Expense are your two accounts. This will be an adjusting entry. Adjusting entry affects one Balance sheet account and one Income Statement account.
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