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Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and Hickory Park Senior Center will pay its employees the following Monday (January 4) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expe $610,000. Read the reauirements 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 jourmal 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. 610,000 O Requirements Requirement 3. Record the journal entry for payment of salaries made on January 4. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 4. Date Accounts and Explanation Debit Credit Jan. 4 Print Done Choose from list or enter number in the input fields and then continue to the next question.

Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and Hickory Park Senior Center will pay its employees the following Monday (January 4) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expe $610,000. Read the reauirements 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 jourmal 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. 610,000 O Requirements Requirement 3. Record the journal entry for payment of salaries made on January 4. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 4. Date Accounts and Explanation Debit Credit Jan. 4 Print Done Choose from list or enter number in the input fields and then continue to the next question.

FINANCIAL ACCOUNTING
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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Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and Hickory Park Senior Center will pay its employees the following Monday (January 4) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense $610,000. 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. 610,000 Requirements Requirement 3. Record the journal entry for payment of salaries made on January 4. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the adjusting entry for accrued salaries on December 31. Date Accounts and Explanation Debit Credit 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Jan. 4 3. Record the journal entry for payment of salaries made on January 4. Print Done Choose from any list or enter any number in the input fields and then continue to the next question.
Transcribed Image Text:Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and Hickory Park Senior Center will pay its employees the following Monday (January 4) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense $610,000. 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. 610,000 Requirements Requirement 3. Record the journal entry for payment of salaries made on January 4. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the adjusting entry for accrued salaries on December 31. Date Accounts and Explanation Debit Credit 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Jan. 4 3. Record the journal entry for payment of salaries made on January 4. Print Done Choose from any list or enter any number in the input fields and then continue to the next question.
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