Question
Maple Park Senior Center has a weekly payroll of $15,000. December 31 falls on Wednesday, and Maple Park Senior Center will pay its employees the
Maple Park Senior Center has a weekly payroll of $15,000. December 31 falls on Wednesday, and Maple Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Maple Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000.
Requirements
- Record the adjusting entry for accrued salaries on December 31.
- Post the adjusting entry to the accounts involved and show the balances after adjustments.
- Record the journal entry for payment of salaries made on January 5.
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Financial And Managerial Accounting The Basis For Business Decisions
Authors: Jan Williams, Sue Haka, Mark S Bettner
13th Edition
0072942827, 978-0072942828
