At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,540 for salaries
At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,540 for salaries. On January 4, 2022, it paid salaries of $3,110: $1,540 for December salaries and $1,570 for January salaries.
Prepare the December 31 adjusting entry.
Prepare the December 31 closing entry for salaries.
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| Dec 31 | Income summary / Retained earnings | $1,540 | - |
| Salaries expense | - | $1,540 | |
| (To close salaries expense) |
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