Question

When preparing government-wide financial statements at the end of the fiscal year, Meen County recorded an adjusting entry for salaries of $8,500,000. The salaries for 1 week, $13,700,000, were paid on the first Friday of the new fiscal period. The entry to record payment of salaries for the week is

Answer 1

Explanation:

Data provided as per the question below:-

Salary payable = $8,500,000

Salaries for 1 week = $13,700,000

The Journal Entry is shown below:-

Salary expense Dr,          $5,200,000

Salary payable Dr,           $8,500,000

       To Cash                                   $13,700,000

(Being payment of salaries for the week is recorded)