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The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $27,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June? Account Title Debit Credit Salaries expense 5,400   Salaries payable   5,400   Account Title Debit Credit Salaries expense 18,900   Salaries payable   18,900   Account Title Debit Credit Prepaid salaries 8,100   Salaries payable   8,100   Account Title Debit Credit Salaries expense 18,900   Prepaid salaries 8,100   Salaries payable   27,000

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $27,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June? Account Title Debit Credit Salaries expense 5,400   Salaries payable   5,400   Account Title Debit Credit Salaries expense 18,900   Salaries payable   18,900   Account Title Debit Credit Prepaid salaries 8,100   Salaries payable   8,100   Account Title Debit Credit Salaries expense 18,900   Prepaid salaries 8,100   Salaries payable   27,000

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter11: Current Liabilities And Payroll
Section: Chapter Questions
Problem 4PA
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The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $27,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June?

  • Account Title Debit Credit
    Salaries expense 5,400  
    Salaries payable   5,400
  •  
    Account Title Debit Credit
    Salaries expense 18,900  
    Salaries payable   18,900
  •  
    Account Title Debit Credit
    Prepaid salaries 8,100  
    Salaries payable   8,100
  •  
    Account Title Debit Credit
    Salaries expense 18,900  
    Prepaid salaries 8,100  
    Salaries payable   27,000
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