Accruing Unpaid Salaries
Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2011, totaled $175,000. Salaries earned by Milford’s employees from January 1 through January 15,2012, totaled $180,000.
a. Prepare the necessary adjusting entry for salaries expense on December 31,2011.
b. Record the company’s payment of salaries on January’15,2012.
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