please assist me with workings and explanation thanks Pine Park Senior Center has a weekly payroll of $12,500. December 31 falls on Monday, and Pine Park Senior Centerwill pay its employees the following Monday (January 7) for the previous full week. Assume Pine Park Senior Centerhas a five-day workweek and has an unadjusted balance in Salaries Expense of $510,000.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 journal entry table.)DateAccounts and ExplanationDec. 31Requirement 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments.Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the endingbalance of the accounts using a "Bal." posting reference on the appropriate side of each account.Salaries PayableDateDebitUnadj. Bal.Jan. 7Salaries Expense510,000Requirement 3. Record the journal entry for payment of salaries made on January 7. (Record debits first, then credits.Select the explanation on the last line of the journal entry table.)Accounts and ExplanationCreditDebitCredit

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

pay its employees the following Monday (January 7) for the previous week. Assume Pine Park Senior Ce has a five-day workweek and has an unadjusted balance in Salaries Expense of $510,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credit Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 Debit Unadj. Bal. Requirement 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the en balance of the accounts using a "Bal." posting reference on the appropriate side of each account. Salaries Payable Salaries Expense 510,000 Credit Requirement 3. Record the journal entry for payment of salaries made on January 7. (Record debits first, then cr Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

pay its employees the following Monday (January 7) for the previous week. Assume Pine Park Senior Ce has a five-day workweek and has an unadjusted balance in Salaries Expense of $510,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credit Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 Debit Unadj. Bal. Requirement 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the en balance of the accounts using a "Bal." posting reference on the appropriate side of each account. Salaries Payable Salaries Expense 510,000 Credit Requirement 3. Record the journal entry for payment of salaries made on January 7. (Record debits first, then cr Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3PA

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