Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please assist me with workings and explanation  thanks 

 

Pine Park Senior Center has a weekly payroll of $12,500. December 31 falls on Monday, and Pine Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Pine Park Senior Center 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 credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation 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 Date Debit Unadj. Bal. Jan. 7 Salaries Expense 510,000 Requirement 3. Record the journal entry for payment of salaries made on January 7. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Debit Credit
Transcribed Image Text:Pine Park Senior Center has a weekly payroll of $12,500. December 31 falls on Monday, and Pine Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Pine Park Senior Center 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 credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation 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 Date Debit Unadj. Bal. Jan. 7 Salaries Expense 510,000 Requirement 3. Record the journal entry for payment of salaries made on January 7. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Credit Debit Credit
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payroll register
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS