Apr 15 Paid assistant's salary for half month, $12,500 JOURNAL ENTRY: Salary Expense $12,500 Cash $12,500 Adjustment for April 30: - Paid the remaining salaries of the assistant. Question: What would be the adjusting entry for this transaction.

Apr 15 Paid assistant's salary for half month, $12,500 JOURNAL ENTRY: Salary Expense $12,500 Cash $12,500 Adjustment for April 30: - Paid the remaining salaries of the assistant. Question: What would be the adjusting entry for this transaction.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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.

Question

Apr 15 Paid assistant's salary for half month, $12,500

JOURNAL ENTRY:

Salary Expense $12,500

Cash $12,500

Adjustment for April 30:

- Paid the remaining salaries of the assistant.

Question: What would be the adjusting entry for this transaction.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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