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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Center
will pay its employees the following Monday (January 7) for the previous full week. Assume Pine Park Senior Center
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 credits.
Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanation
Dec. 31
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 ending
balance of the accounts using a "Bal." posting reference on the appropriate side of each account.
Salaries Payable
Date
Debit
Unadj. Bal.
Jan. 7
Salaries Expense
510,000
Requirement 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 Explanation
Credit
Debit
Credit
Transcribed Image Text:Pine Park Senior Center has a weekly payroll of $12,500. December 31 falls on Monday, and Pine Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Pine Park Senior Center 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 credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 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 ending balance of the accounts using a "Bal." posting reference on the appropriate side of each account. Salaries Payable Date Debit Unadj. Bal. Jan. 7 Salaries Expense 510,000 Requirement 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 Explanation Credit Debit Credit
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