# S3-10 (book/static) Question Help Birch Park Senior Center has a weekly payroll of \$12,500. December 31...

S3-10 (book/static) Question Help Birch Park Senior Center has a weekly payroll of \$12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Birch Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of \$620,000. 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 jour 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 5. Choose from any list or enter any number in the Print Done Answer 2 parts remaining TERCATO

 Working Notes: Calculation of Salary Payable as on December 31. Weekly Payroll \$                 12,500 No. Of Days working in a week 5 Days No. of Days expired as on December. 31 3 Days Salary Accrued : \$ 12,500 X 3 / 5 Days = \$                   7,500 Solution: Date Account Title and explanation Debit Credit Dec. 31 Salary Expenses \$                   7,500 Salary Payable \$                                    7,500 (To Record the accrued salary Exps.) Jan.05 Salary Payable \$                   7,500 Cash \$                                    7,500 (To Record the salary payment) Salary Expenses 12/31 Balance \$             6,20,000 12/31 Salary Payable \$                   7,500 12/31 Balance \$             6,27,500 Salary Payable 12/ 31 'Salary Expenses \$                 7,500 12/ 31 'Salary Expenses \$                 7,500
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