Question
OKAY Ltd.s year end is December 31. The last payroll was on Friday, December 22. Salaries paid on Friday, total $20,598 for all employees for
OKAY Ltd.s year end is December 31. The last payroll was on Friday, December 22. Salaries paid on Friday, total $20,598 for all employees for the 2 weeks prior. There is one more week until December 31. Next pay date is January 5.
Required:
- Which entries need to be made for December 31?
- What is the journal entry for December 31, 2017?
- Draw T-accounts for the above transaction accounts.
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Fundamentals Of Oil And Gas Accounting
Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson
4th Edition
0878147934, 9780878147939
