Principles of Accounting (12th Edition) Chapter 3 E6A. I do not think that Step 2 is correct. The journal entry is supposed to PAY the salaries, on June 3rd. Not record the expense. The credit account should be Cash, right? and there should be 2 Debit amounts $28,000 from Salaries Payable and $42,000.00 from salaries expense. Something like?

Description			Post Ref	Debit	Credit
Salaries Payable				$ 28,000.00
Salary Expense				$ 42,000.00
	Cash				$ 70,000.00

Problem Adjusting Entry for Accrued Salaries Kindle Company has a five-day workweek and pays salaries of $70,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prepare the journal entry to pay the salaries on June 3, including the amount of salaries payable from requirement 1 Step-by-step solution Step 1 of 2 1. The journal entry to record the adjustment for salaries expense is as follows: Dr. Cr May 31, Salaries expense account $28,000 Salaries payable account $28,000 (To record the salaries expense for two days) ($70,000 5 x 2 $28,000) Comment Step 2 of 2 A The journal entry to record the adjustment for salaries expense is as follows: Dr.Cr. June 3, Salaries expense account $70,000 Salaries payable account $70,000 To record the salaries expense for the week ($28,000 $42,000= $70,000) Comment