Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. okay ltd.s year end is december 31. the last payro

OKAY Ltd.s year end is December 31. The last payroll was on Friday, December 22....

70.2K

Verified Solution

Question

Accounting

OKAY Ltd.s year end is December 31. The last payroll was on Friday, December 22. Salaries paid on Friday, total $20,598 for all employees for the 2 weeks prior. There is one more week until December 31. Next pay date is January 5.

Required:

  1. Which entries need to be made for December 31?
  2. What is the journal entry for December 31, 2017?
  3. Draw T-accounts for the above transaction accounts.

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!
Become a Member

Other questions asked by students

Q

In the replacement reaction of magnesium nitrate with tin, how many grams of magnesium would be...

Chemistry
Q

1. Please briefly describe your own beliefs about what makes human beings do, think, and feel,...

Psychology
Q

APPLY: Between ages 40 and 50, Nancy gained 20 pounds. She also began to have trouble...

Psychology
Q

Please answer the following as thoroughly as possible. 1A -- Describe each domain of development (language,...

Psychology
Q

Use a trigonometric ratio to solve for d Round to two decimal places as necessary...

Geometry
Q

A company has 12 510 available per month for advertising Newspaper ads cost 180 each...

Basic Math
Q

E6-6 (Algo) Identifying Break-Even Point, Analyzing How Price Changes Affect Profitability; Calculating Margin...

Accounting
Q

Windborn Company has 10,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares...

Accounting
Q

At the beginning of Year 2, Donald Company had $5,000 of inventory on hand. During...

Accounting
Q

Describe the accounting treatment and reporting in financial statements at year end for debt and...

Accounting
Q

need answer for letter d, thank you! Pharoah Inc. is preparing its annual...

Accounting
Q

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700...

Accounting