Question

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.



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  • CreatedApril 17, 2014
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