Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $5,000 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 Cash Common Stock Notes Payable Salaries Expense Salaries Payable

Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $5,000 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 Cash Common Stock Notes Payable Salaries Expense Salaries Payable

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7EA: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3...

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Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.
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