Keller Industries started business part way through the current year and prepares annual financial statements....
50.1K
Verified Solution
Link Copied!
Question
Accounting
Keller Industries started business part way through the current year and prepares annual financial statements. Keller Industries currently pays $10,000 of salaries (wages) per week for a 5-day work week from Monday through Friday. Keller pays the employees on each Friday for that week's work. Assume December 31 of the current year falls on Thursday. Keller's unadjusted balance in Salary Expense is $300,000. After the appropriate adjusting entry, what will be the balance in the Salaries Expense account?
a. $8,000 b. $308,000 c. $302,000 d. $310,000 e. $10,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
