The weekly payroll of Stevens Company amounts to $15,000 and employees are paid up to date every

Question:

The weekly payroll of Stevens Company amounts to $15,000 and employees are paid up to date every Friday. On January 1 of the current year, the Salaries Expense account showed a credit balance of $9,000. Explain the nature of the accounting entry or entries which probably led to this balance.

LO8

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