Milford Corporation pays its employees on the fifteenth of each
Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2011, totaled $175,000. Salaries earned by Milford’s employees from
January 1 through January 15, 2012, totaled $180,000.
Prepare the necessary adjusting entry for salaries expense on December 31, 2011.
Record the company’s payment of salaries on January 15, 2012.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help