Question
Keller Industries started business part way through the current year and prepares annual financial statements. Keller Industries currently pays $10,000 of salaries (wages) per week
Keller Industries started business part way through the current year and prepares annual financial statements.
Keller Industries currently pays $10,000 of salaries (wages) per week for a 5-day work week from Monday through Friday. Keller pays the employees on each Friday for that week's work. Assume December 31 of the current year falls on Thursday. Keller's unadjusted balance in Salary Expense is $300,000.
After the appropriate adjusting entry, what will be the balance in the Salaries Expense account?
| a. | $8,000 | |
| b. | $308,000 | |
| c. | $302,000 | |
| d. | $310,000 | |
| e. | $10,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Teaching Calculation Audit And Test
Authors: Richard English
1st Edition
144627277X, 978-1446272770
