Crane Company pays salaries of $10,630 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Cranes employees have worked 2 days without being paid at tAssume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Crane pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)he end of the fiscal year

Exercise 4-18 a-b (Part Level Submission) Crane Company pays salaries of $10,630 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Crane's employees have worked 2 days without being paid at the end of the fiscal year. (a) Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Crane pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Dec. 31 Owner's Capital 10630 Salaries and Wages Expense 10630 Jan. 6 SHOW LIST OF ACCOUNTS