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Summary 4-43 Salaries of $8,500 have been earned by employees for the last half of December 20X1. $7.99
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Summary 4-43 Salaries of $8,500 have been earned by employees for the last half of December 20X1.

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Salaries of $8,500 have been earned4-43 Salaries of $8,500 have been earned by employees for the last half of December 20X1. Payment by the company will be made on the next payday, January 2, 20X2.Answer & ExplanationTo properly account for the salaries earned by employees in December 20X1 but paid...

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  • October 6, 2024
  • 3
  • 2024/2025
  • Summary

Subjects

  • salaries of 8
  • january 2
  • 500 have been earned4 43 salaries of 8
  • 500 have been earned by employees for the last hal
  • 20x2answer explanationto properly account for
  • you need to make an adjusting journal e

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4-43 Salaries of $8,500 have been earned by employees for the last half of

December 20X1. Payment by the company will be made on the next payday,

January 2, 20X2.




Answer & Explanation


To properly account for the salaries earned by employees in December 20X1

but paid in January 20X2, you need to make an adjusting journal entry at the

end of December. This ensures that expenses are recorded in the period they are

incurred, following the accrual basis of accounting.


Here's how you can record this transaction:


1. Adjusting Entry on December 31, 20X1:


o Debit Salaries Expense: $8,500


 This increases your expenses for December and reflects that

these salaries were earned by employees during this period.


o Credit Salaries Payable: $8,500

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