Question
Silicon Chip Companys fiscal year-end is December 31. At the end of 2016, it owed employees $36,000 in salaries and wages that will be paid
Silicon Chip Companys fiscal year-end is December 31. At the end of 2016, it owed employees $36,000 in salaries and wages that will be paid on January 7, 2017. |
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1. | Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2017, and an entry to record the payment of salaries and wages on January 7, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) | ||
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