Question

53-10 (similar to) :s Question Help Hickory Park Senior Center has a weekly payroll of $25,000. December 31 falls on Monday, and Hickory Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Hickory Park Senior Center has five-day workweek and has an unadjusted balance in Salaries Expense of $520,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 7. Choose from any list or enter any ny Print Done parts remaining Check Answer

Answer 1

1.

Salaries expense for 5 days = $25,000

Salaries expense for 1 day = 25,000 x 1/5

= $5,000

Date	General Journal	Debit	Credit
December 31	Salaries expense	$5,000
	Salaries payable		$5,000
	( To record Salaries expense)

2.

Salaries Expense
December 1	520,000
December 31	5,000
Ending balance December 31	525,000

3.

Date	General Journal	Debit	Credit
January 7	Salaries expense	$20,000
	Salaries payable	$5,000
	Cash		$25,000
	( To record payment of salary expense)

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