Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31...

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Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The c

business accounting

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Answer 1

Answer #1

	Accounts title	Debit	Credit
31-Dec	Salaries expense	$4,700
	Salaries Payable		$4,700
	(to record accrued salaries )

31-Dec	Retained Earnings	$250,000
	Salaries Expense		$250000
	(to close salaries expense account)

07-Jan	Salaries Payable	$4,700
	Salaries expense	$7,300
	Cash		$12,000
	(to record payment of salary )

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