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PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=?       2. =? 3. CR.=?       4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =?    6. =? 7. CR =?     8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE

PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000 1. RECORD THE TRANSACTION ON JANUARY 16, 2021: 1. DR.=?       2. =? 3. CR.=?       4. =? 2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021 5. DR. =?    6. =? 7. CR =?     8. =? INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: A. SALARIES EXPENSE B. PAYROLL PAYABLE C. ACCRUED PAYROLL PAYABLE

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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PROBLEM: ON JANUARY 16, 2021, THE PAYROLL DEPARTMENT PROCESSED PAYROLL CHECKS FOR 300 EMPLOYEES COVERING THE WORK PERIOD FROM DECEMBER 24, 2020 TO JANUARY 08, 2021 AMOUNTING TO 450,000

1. RECORD THE TRANSACTION ON JANUARY 16, 2021:

1. DR.=?       2. =?

3. CR.=?       4. =?

2. RECORD THE REVERSING ON THE ACCRUAL PAYROLL ON JANUARY 1, 2021

5. DR. =?    6. =?

7. CR =?     8. =?

INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES:

A. SALARIES EXPENSE

B. PAYROLL PAYABLE

C. ACCRUED PAYROLL PAYABLE

 

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