**Transcription for Educational Website:**Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $5,000 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. If an amount box does not require an entry, leave it blank.**Diagram Explanation:**Below the instruction, there is an interactive dropdown menu labeled "Dec. 31" with six options:1. Cash2. Common Stock3. Notes Payable4. Salaries Expense5. Salaries PayableNext to the dropdown menu, there are two empty boxes where amounts can be entered, corresponding to the account selected from the dropdown. **Transcription for Educational Website:**---**Title: Adjusting Journal Entries for Salaries Payable****Description:**When reviewing payroll records, it is indicated that employee salaries due to be paid on January 3 include $5,000 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time.Based on this information, you are tasked with making the December 31 adjusting journal entry to bring the balances to correct amounts. If an amount box does not require an entry, please leave it blank.**Journal Entry Template:**- **Date:** Dec. 31 - **[Dropdown Field]** - **[Amount Box]** - **[Dropdown Field]** - **[Amount Box]****Instructions:**- Use the dropdown fields to select the appropriate accounts.- Enter the amounts in the corresponding boxes.- Ensure that the journal entry balances correctly, reflecting the $5,000 wages as "Salaries Payable".This exercise helps in understanding the process of adjusting entries for accrued expenses, a crucial concept in accounting to ensure accurate financial reporting.---

Payroll records are archives or documents that have anything to do with an employee's check. The documents can be identified with business charges, benefits, hours worked, or whatever else you use for running payroll. Assuming Financial statements closes on Dec. 31, hence the journal entry in January for the expenses of Dec would amount to Prior period Expenses charged to Profit & Loss during the current year due to error in recording payroll expenses during the previous year. Journal Entry Date Account Title Debit ($) Credit ($) Salary expenses (prior period) 5,000 To salary payable 5,000 ( To record Salary $5,000 of Dec, charged to expenses during the current period)

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Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $5,000 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. If an amount box does not require an entry, leave it blank. Dec. 31 Cash Common Stock Notes Payable Salaries Expense Salaries Payable

Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $5,000 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. If an amount box does not require an entry, leave it blank. Dec. 31 Cash Common Stock Notes Payable Salaries Expense Salaries Payable

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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