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Chapter 3: 10SE_1 (page 159)

Question :Birch Park Senior Center has a weekly payroll of \(12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Birch Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of \)620,000. Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 5

Short Answer

Expert verified

Adjusting entry is as follows:

Journal entry

Date

Accounts and Explanation

Debit

Credit

Dec.1

Salaries Expense

$7,500

Salaries Payable

$7,500

To accrue salaries expense.

Step by step solution

01

Explanation on Journal Entry

The accrued salaries expense will be recorded by debiting Salaries Expenseand crediting Salaries Payableby $7,500, respectively.

02

Calculation of Salaries Expense

Salaries expense is calculated as follows:

SalariesExpense=PayrollWeeklyExpense脳NumberofDaysExpiredNumberofDaysinPayroll=$12,500脳35=$7,500

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