Homework Week 3 Chapter 03 exercises Save Score 0 of 1 pt 3

Homework: Week 3 - Chapter 03 exercises Save Score: 0 of 1 pt 3 of 7 (1 complete) HW Score: 14.29%, 1 of 7 pts S3-10 (similar to) Question Help Aspen Park Senior Center has a weekly payroll of $5,000. December 31 falls on Wednesday, and Aspen Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Aspen Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $520,000 Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31, (Record debits frst then credits. Select the explanation on the last ine of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31

Solution

Journal entry: Salaries and wages expense Account Dr. 3000     Salaries and wages payable Account (5000*3/5) 3000 Salaries and wages expense Balance 520,000 Salaries and wages payable 3,000 Balance 523,000 Salaries and wages payable Salaries and Wages exp 3,000 Balance 3000 Journal entry: 5-Jan Salaries and wages expense Account Dr. 2000 Salaries and wages payable Account Dr. 3000      Cash account 5000