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This question is not from a textbook. It’s a fictitious question for which I want confirmation for enlightenment on the accruals concept.
After his appraisal management decides that an employee currently receiving $20,000 basic salary per month will have an increase to $25,000 effective November 1st 2014.On January 31st 2014 he received retro payment for November 1st 2014 to January 31st 2015. What are the accounting entries for the following:
1) At the year end December 31st, 2014.
2) On January 31st, 2015.Anxiously awaiting your feedback! Thank you in advance!!!
Kerron Duncan
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