Question
A company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On
A company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, 2013, Norton accrued $4,700 of salaries payable. On January 7, 2014, the company paid salaries of $12,000 cash to employees.
Prepare journal entries to:
a. Accrue the salaries payable on December 31;
b. Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments), and
c. Record the salary payment on January 7
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
11th Canadian Edition
132564440, 978-0132564441
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