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
Related questions
Question
please assist me with workings and explanation thanks
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning