Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees...
Silicon Chip Company's fiscal year-end is December 31. At the end of 2018, it owed employees $24,000 in salaries and wages that will be paid on January 7, 2019.
Required:
1. Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2019, and an entry to record the payment of salaries and wages on January 7, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the accrued salaries and wages as of December 31.
| Date | General Journal | Debit | Credit |
| December 31, 2018 | |||
Record the revising entry on January 1.
| Date | General Journal | Debit | Credit |
| January 01, 2019 | |||
Record the payment of salaries and wages on January 7.
| Date | General Journal | Debit | Credit |
| January 07, 2019 | |||
2. Prepare journal entries to record the accrued salaries and wages on December 31, 2018 and the payment of salaries and wages on January 7, 2019, assuming a revising entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the accrued salaries and wages as of December 31.
| Date | General Journal | Debit | Credit |
| December 31, 2018 | |||
Record the payment of salaries and wages on January 7 assuming a reversing entry is not made.
| Date | General Journal | Debit | Credit |
Homework Answers
Adjusting entries are the entries made for adjusting the revenue and expenses for the period in which they are incurred. It is done at the end of the accounting period after preparing the unadjusted trail balance.
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Silicon Chip Company's fiscal year-end is December 31. At the
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