Question 2 Partially correct Mark 1.74 out of 1.92 Flag question Preparing Accounting Adjustments Assessing...
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Question 2 Partially correct Mark 1.74 out of 1.92 Flag question Preparing Accounting Adjustments Assessing Financial Statement Effects of Adjustments Across Two Periods Oakmont Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31, Oakmont accrued $4,700 of salaries payable. On January 9 of the following year, the company paid salaries of $15,000 cash to employees. Prepare journal entries to (a) accrue the salaries in December, (b) close salaries expense for the year, and (c) pay the salaries in January of the following year. Assume there is no change in the pay rate during the year and no change in the company's workforce. Note: List any multiple debits or any multiple credits in alphabetical order by account name. Debit 4,700 Credit 0 0 4,700 0 Account a. Salaries Expense Salaries Payable To record accrued salaries payable. b. Retained Earnings Salaries Expense To close the Salaries Expense account. c. Salaries Expense Salaries Payable Cash To record payment of salaries. 10,300 X 0 123,600 x 0 10,300 4,700 0 0 15,000
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