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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accrued Wages and Payment of Payroll

Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of $35,000 every other Friday. During the current year December 31 falls on a Wednesday, and the next payday is January 7.

Required:

Given this information, determine the adjusting journal entry that Hansen must make on December 31 as well as the journal entry to record the payment of the payroll on January 7.

To determine

Concept introduction:

Liabilities:

Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To calculate:

The Journal entries as on Dec. 31 and Jan. 7.

Explanation

The Journal entries as on Dec. 31 and Jan. 7 are explained as follows:

Hansen Legal Offices
Journal Entries
Date Account Titles Debit Credit
Dec...

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