Question

S3-10 (book/static) Question Help 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. Read the requirements Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the jour entry table.) Date Accounts and Explanation Debit Credit Dec. 31 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. Choose from any list or enter any number in the Print Done Answer 2 parts remaining TERCATO

Answer 1

	Working Notes:
		Calculation of Salary Payable as on December 31.
		Weekly Payroll	$                 12,500
		No. Of Days working in a week	5 Days
		No. of Days expired as on December. 31	3 Days
		Salary Accrued : $ 12,500 X 3 / 5 Days =	$                   7,500
Solution:
	Date	Account Title and explanation	Debit		Credit
	Dec. 31	Salary Expenses	$                   7,500
		Salary Payable			$                                    7,500
		(To Record the accrued salary Exps.)
	Jan.05	Salary Payable	$                   7,500
		Cash			$                                    7,500
		(To Record the salary payment)
		Salary Expenses
		12/31 Balance	$             6,20,000
		12/31 Salary Payable	$                   7,500
		12/31 Balance	$             6,27,500
		Salary Payable
					12/ 31 'Salary Expenses	$                 7,500
					12/ 31 'Salary Expenses	$                 7,500