Gypsum Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2019, totaled $175,000. Salaries earned by Gypsum’s employees from January 1 through January 15, 2020, totaled $180,000. Prepare the necessary adjusting entry for salaries expense on December 31, 2019.

Gypsum Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2019, totaled $175,000. Salaries earned by Gypsum’s employees from January 1 through January 15, 2020, totaled $180,000. Prepare the necessary adjusting entry for salaries expense on December 31, 2019.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 14DQ

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