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At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wages Expense of $20,000. Employees

At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wages Expense of $20,000. Employees have been paid for work done up to December 27, but the $1,200 they have earned for December 28 to 31 has not yet been paid or recorded.

Required:

  1. Prepare the adjusting journal entry on December 31.

  2. Post the beginning balances and adjusting entries to the following T-accounts.

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