The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000 (or $3,200 per weekday).
The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000 (or $3,200 per weekday). The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
Multiple Choice
Debit Salaries Expense and credit Salaries Payable for $22,400.
Debit Salaries Expense and credit Salaries Payable for $9,600.
Debit Salaries Payable and credit Salaries Expense for $22,400.
Debit Salaries Expense and credit Salaries Payable for $6,400.
Homework Answers
Adjusting entry
| Date | account and explanation | Debit | Credit |
| Salaries expense (3200*7) | 22400 | ||
| Salaries payable | 22400 | ||
So answer is a) Debit salaries expense and credit salaries payable for $22400
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