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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, a
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
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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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