At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements. The adjustment entry for accrued salaries on December 31.

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Answer 1

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Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

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Journalizing and posting an adjusting entry for accrued salaries expense Birch Park Senior Center has a weekly payroll of $12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Birch Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $620,000. Requirements Record the adjusting entry for accrued salaries on December 31. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Record the journal entry for payment of salaries made on January 5.

Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct. BIU A + v ... Paragraph Add a File Record Audio !!!

Oak Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Oak Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Oak Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000. 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 Debit Credit 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 Salaries Expense Unadj. Bal. 600,000|| Requirements Requirement 3. Record the journal…

Answer 2

Question

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

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Answer 3

Question

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

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Answer 4

Question

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

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Answer 5

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

Answer 6

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

Answer 7

Chapter 3, Problem 3.10SE

1.

To determine

Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur. Adjustment entries also update assets and liabilities. Adjustment entries are also required to present true and fair financial statements.

The adjustment entry for accrued salaries on December 31.

Answer 8

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

Answer 9

2.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The posting of adjustment entries to the accounts involved and show the balances.

Answer 10

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

Answer 11

3.

To determine

Concept Introduction: Double-entry accounting requires the accounting equation remain in balance, at least two accounts are involved, and each debit entry will have its corresponding credit entry with equal amounts. This will make the debit side equal to the credit side. At the end of the year, each ledger is balanced and the excess of one side over another side will be transferred to the next period as balance.

The journal entry for payment of salary on January 5.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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