The Salaries Payable account of James Bay Company Limited appears below: Salaries Payable 22,520 Bal. Jan. 1, 2023 Entries during 2023 398,120 388,400 Entries during 2023 The company records the salary expense and related liability at the end of each week and pays the employees on the last Friday of the month. Required: 1. What was the salary expense for 2023? 2. How much was paid to employees in 2023 for work done in 2022? 3. How much was paid to employees in 2023 for work done in 2023? 4. How much will be paid to employees in 2024 for work done in 2023?

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.