At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022, it paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries.
Prepare the December 31 closing entry for salaries.
Homework Answers
b) Journal entry
| Date | account title and explanation | Debit | Credit |
| Dec 31, 2021 | Income summary | 1820 | |
| Salaries expense | 1820 | ||
| (Closing entry) |
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At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries....
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022, it paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries.
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries....
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022. It paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries. Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter...
At December 31, 2021, Crane Company made an accrued expense adjusting entry of $1,800 for salaries
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At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,540 for salaries
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At December 31, 2021, Blossom Company made an accrued expense
adjusting entry of $1,850 for salaries. On January 4, 2022, it paid
salaries of $3,180: $1,850 for December salaries and $1,330 for
January salaries.
At December 31, 2021, Blossom Company made an accrued expense adjusting entry of $1,850 for salaries. On January 4, 2022, it paid salaries of $3,180: $1,850 for December salaries and $1,330 for January salaries.
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Current Attempt in Progress At December 31, 2021. Crane Company made an accrued expense adjusting entry...
Current Attempt in Progress At December 31, 2021. Crane Company made an accrued expense adjusting entry of $1,860 for salaries. On January 4, 2022, it paid salaries of $2,800: 51.860 for December salaries and 5940 for January salaries Prepare the December 31 adjusting entry. Credit account titles are automatically indented when amount is entered. Do not indent manually amounts. no entry is required, select "No Entry for the accounts and enter for the Date Account Titles and Explanation Debit Credit...
An adjusting entry was made on year-end December 31 to accrue salary expense of $1.200. Assuming...
An adjusting entry was made on year-end December 31 to accrue salary expense of $1.200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $3,000 payment of salaries in January of the following year?
A company made no adjusting entry for accrued and unpaid employee salaries of $9,500 on December...
A company made no adjusting entry for accrued and unpaid employee salaries of $9,500 on December 31. Which of the following statements is true? 19 Multiple Choice points (8 01:49:27 It will understate assets by $9,500. It will have no effect on income. It will understate current-year expenses and overstate current-year net income by $9,500. It will overstate assets and liabilities by $9,500. It will understate current-year net income by $9,500.
At December 31, 2021, Pharoah Company made an accrued expense adjusting entry of $1,820 for salaries. On January 4, 2022. It paid salaries of $3,140: $1,820 for December salaries and $1,320 for January salaries. Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter...
At December 31, 2021, Blossom Company made an accrued expense
adjusting entry of $1,850 for salaries. On January 4, 2022, it paid
salaries of $3,180: $1,850 for December salaries and $1,330 for
January salaries.
At December 31, 2021, Blossom Company made an accrued expense adjusting entry of $1,850 for salaries. On January 4, 2022, it paid salaries of $3,180: $1,850 for December salaries and $1,330 for January salaries.
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Current Attempt in Progress At December 31, 2021. Crane Company made an accrued expense adjusting entry of $1,860 for salaries. On January 4, 2022, it paid salaries of $2,800: 51.860 for December salaries and 5940 for January salaries Prepare the December 31 adjusting entry. Credit account titles are automatically indented when amount is entered. Do not indent manually amounts. no entry is required, select "No Entry for the accounts and enter for the Date Account Titles and Explanation Debit Credit...
An adjusting entry was made on year-end December 31 to accrue salary expense of $1.200. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $3,000 payment of salaries in January of the following year?
A company made no adjusting entry for accrued and unpaid employee salaries of $9,500 on December 31. Which of the following statements is true? 19 Multiple Choice points (8 01:49:27 It will understate assets by $9,500. It will have no effect on income. It will understate current-year expenses and overstate current-year net income by $9,500. It will overstate assets and liabilities by $9,500. It will understate current-year net income by $9,500.
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