Silicon Chip Companys fiscal year-end is December 31. At the end of 2016, it owed...
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Accounting
Silicon Chip Companys fiscal year-end is December 31. At the end of 2016, it owed employees $31,000 in salaries and wages that will be paid on January 7, 2017.
Required:
1.
Prepare an adjusting entry to record accrued salaries and wages, a reversing entry on January 1, 2017, and an entry to record the payment of salaries and wages on January 7, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal Entries needed:
1. record the accured salaries and wages as of 12/31
2. record the reversing entry on Jan 1
3. record the payment of salaries and wages on Jan 7.
2.
Prepare journal entries to record the accrued salaries and wages on December 31 and the payment of salaries and wages on January 7, assuming a reversing entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry needed
1. record the accured salaries and wages as of 12/31
2. record the payment of salaries and wages on Jan 7 assuming a reversing entry is not made
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