Homework Answers
ADJUSTING JOURNAL ENTRY
| December 31 | Salary | $1800 | |
| Salary Payable | $1800 |
Being salary payable to an employee for a day adjusted to salary account.
Salary Payable = 9000 × (1÷5)
= $ 1800
SUBSEQUENT JOURNAL ENTRY
| January 4 | Salary Payable | $ 1800 | |
| Salary | $ 7200 | ||
| Cash | $ 9000 |
Being salary paid to the employee for the workweek.
Total salary to be paid = 9000
Salary payable in previous year = 1800
Balance salary = 9000 - 1800
= $ 7200
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