Sales of services, $100,000, of which $30,000 was on credit. collected on accounts receivable, $27,300. issued shares of common stock in exchange for $10,000 in cash. paid salaries, $50,000 (of which $9,000 was for salaries payable). paid miscellaneous expenses, $24,000. purchased equipment for $15,000 in cash. paid $2,500 in cash dividends to shareholders. record the adjusting journal entry for accrued salaries at year-end that amounted to $1,000.

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Business

Jett Powell

25 July, 13:57

Sales of services, $100,000, of which $30,000 was on credit. collected on accounts receivable, $27,300. issued shares of common stock in exchange for $10,000 in cash. paid salaries, $50,000 (of which $9,000 was for salaries payable). paid miscellaneous expenses, $24,000. purchased equipment for $15,000 in cash. paid $2,500 in cash dividends to shareholders. record the adjusting journal entry for accrued salaries at year-end that amounted to $1,000.

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Gregory Caldwell · Answer 1

The adjusting journal entry for accrued salaries at year-end:

To record the accrued salaries at year-end, Salaries Expense account is debited and Salaries Payable account is credited with the amount of accrued salaries. The adjusting journal entry for accrued salaries at year-end that amounted to $1,000 shall be as follows:

Salaries Expense Debit $1,000

Salaries Payable Credit $1,000