Hickory Park Serior Certer has a weekly pay OlofS5.000. Do et er 31 fals on Thnd

Question

Hickory Park Serior Certer has a weekly pay OlofS5.000. Do et er 31 fals on Thnday, a dHickory Park Serior Conter wil ?y its employees t efolowing Monday (Janay 4)ferthe previous ful week. Assu eHokory Pri Senor Carr has a five day workweek and has an unadjusted balance in Salaries Expense of $520,000 Read the equiremens Requirement 1. Record the adjuasting entry for accrued salaries on December 31.(Reoord debits frot, then cnedits Select the explanation on the lnat Ine of the joumal entry table) Date Debit Credit Oac. 31 Requirement 2 Post the adjusting entry to the aocounts inwolved and show their balances affeor adjustments balance of the acounts ing "Bal poling elerenc on the appropae side of ch accout alaries Payable alares Expe Debia eids and then contie to the next question

Explanation / Answer

1)

[Being salary accrued for 4 days (monday -thusday )5000*4/5]]

2).

3)

Date Account Debit credit Dec 31 salaries expense 4000 salary payable 4000

[Being salary accrued for 4 days (monday -thusday )5000*4/5]]

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