Preparing Accounting Adjustments Assessing Financial Statement Effects of Adjustments Across Two Periods Oakmont Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, Oakmont accrued $4,700 of salaries payable. On January 9 of the following year, the company paid salaries of $15,000 cash to employees Prepare journal entries to (a) accrue the salaries in December, (b) close salaries expense for the year, and (c) pay the salaries in January of the following year. Assume there is no change in the pay rate during the year and no change in the company's workforce. Note: List any multiple debits or any multiple credits in alphabetical order by account name. Account a. Salaries Payable Accounts Payable To record accrued salaries payable. b. Accounts Payable Salaries Payable To close the Salaries Expense account. c. Wages Expense Retained Earnings Cash To record payment of salaries. = = X x x Debit 4,700 0 4,700 x 0 0x 0 x 0 Credit 0 4,700 0 4,700 x 0 0 0x

Freparing Accounting Adpustenents Assewing Financial statement Effects of Adjustmets Across fwo Periods year and no charde in the compamps norkerce Preparing Accounting Adjustments Assessing Financial Statement Effects of Adjustments Across Two Periods payable. On January 9 of the following year, the company paid salaries of $15,000 cash to employees. Prepace journal entries to (a) accrue the salaries in December, (b) close salaries expense for the year, and (c) pay the salyies in janvary of the following year. Assume there is no change in the pay rate during the year and no charge in the compary's workforce. Note: Lis any multeple debns or any multople oredas in alphabetical order by account name