If jupiter park senior center has a weekly payroll of 17500 december 31 falls on wednesday, and a juniper park senior center will pay its employees the following monday. The journal entry is Debit Salaries Expense $10,500; Credit Salaries Payable $10,500.
<h3>How to prepare the journal entry?</h3>
The appropriate entries to record the given transactions are:
1. Dec. 31
Debit Salaries Expense $10,500
Credit Salaries Payable $10,500
(To record accrue salaries expense)
Salaries Expense = Weekly payroll ÷ Days in work week × Days to accrue
Salaries Expense = $17,500÷5×3
Salaries Expense =$10,500
(Days to accrue: Wednesday, Thursday, Friday)
2. January 5
Debit salaries expenses $7,000
Debit salaries payable $10,500
9$17,500 -$7,000)
Credit Cash $17,500
(To record salaries expenses)
Therefore the entry for Dec 31 is to debit salaries expenses and credit salaries payable.
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The complete question is:
jupiter park senior center has a weekly payroll of 17500 december 31 falls on wednesday, and a juniper park senior center will pay its employees the following monday (january 5th) for the previous full week. assume juniper park senior center has a five day workweek and has an unadjuste balance in salaries expense of 510000
Record the adjusting entry for accrued salaries on December 31.
Record the journal entry for payment of salaries made on January 5.
Salaries Expense:
