contestada

preparing adjusting and closing entries across two periods norton company closes its accounts on december 31 each year. the company works a five-day work week and pays its employees every two weeks. on december 31, 2015, norton accrued $940 of salaries payable. on january 7, 2016, the company paid salaries of $2,400 cash to employees. prepare journal entries to:

Respuesta :

The  journal entries to:

Accounts title Debit Credit

31-Dec Salaries expense $4,700

  Salaries Payable  $4,700

(to record accrual)  

31-Dec Income Summary $250,000

  Salaries Expense  $25,000

(to record the closing of expense account)  

07-Jan Salaries Payable $4,700

Salaries expense $7,300

  Cash  $12,000

(to record payment)

A journal is meant to gather your thoughts and observations on any quantity of factors and positioned the happenings of each day in writing. in this way, you're capable of better don't forget what you probably did, what your idea is, and what turned into taking place while you had been more youthful.

Journal facts all of the monetary transactions of a business in one area on a time and date foundation. The transactions are recorded, in assist of an invoice, to test the authenticity of each of those journal entries with their bills.

The magazine is a subsidiary e-book of account that information transactions. Ledger is a principal e-book of account that classifies transactions recorded in journal entries. The journal transactions get recorded in chronological order on the day of their incidence.

Learn more about journal entries here https://brainly.com/question/17201601

#SPJ4

Otras preguntas