At December 31, 2024, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On
Question:
At December 31, 2024, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2025, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for January salaries.
(a) Prepare the December 31 adjusting entry.
(b) Prepare the December 31 closing entry for salaries.
(c) Prepare the January 1 reversing entry and the January 4 journal entry to record the payment of salaries.
(d) Indicate the balances in Salaries Payable and Salaries Expense after posting these entries.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
d a Dec 31 Salaries Expense Salaries Payable To accrue salar...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
At December 31, 2017, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2018, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for...
-
At December 31, 2021, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2022, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for...
-
At December 31, 2014, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2015, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for...
-
Discuss the role of intrinsic & extrinsic cues in the perceived quality of you product/service(Unilever company; Lipton tea as an example). Include it in the about section of assignment
-
Kinsey Scales invested $ 164,000 of its extra cash in securities. Under each of the following independent scenarios, (a) calculate the amount at which the investments would be valued for the year-...
-
Riding in an elevator moving upward with constant speed, you begin a game of darts. (a) Do you have to aim your darts higher than, lower than, or the same as when you play darts on solid ground? (b)...
-
In the spring of 1999, Source Associates, Inc. (Source), and Conrad A. Mamajek, Inc. (CAM), entered into a joint venture to act as a middleman for the sale of polymers manufactured by Mitsui...
-
The following is a linear programming model for analyzing the product mix of Maxines hat Company, which produces three hat styles: Maximize: $7x1+ $8x2 + $6x3 = Z Subject to: 2x1 + 4x2 + 2x3 ¤...
-
Provide an objective setting paragraph on HP Inc.'s decision to increase the R&D investment to use towards their partnership with Poly Solutions to enhance Microsoft Teams flexibility
-
Lolas operates a chain of sandwich shops. The company is considering two possible expansion plans. Plan A would open eight smaller shops at a cost of $8,550,000. Expected annual net cash inflows are...
-
Selected financial information is available at July 31 for Drew Co. a. Calculate (1) Working capital, (2) The current ratio, (3) The acid-test ratio for 2023 and 2024. b. Indicate whether Drews...
-
At December 31, 2024, Giselle Company had a five-month, 5%, $90,000 note receivable that was issued on October 1, 2024. Interest and principal are payable at maturity on March 1, 2025. (a) Prepare...
-
In Exercises 2733, find the vertex, focus, and directrix of each parabola with the given equation. Then graph the parabola. y 2 - 4x - 10y + 21 = 0
-
1) Randy & Whiskers Enterprises has 2022 sales of $15.5 million.It wishes to analyze expected performance and financing needs for 2023 2023 and so the finance department of the company complied the...
-
The following is the capital budget data: a . Investment Value $ 2 7 5 0 0 b . Estimated value of savings $ 8 5 0 0 per year c . Investment Period = 3 years d . Discount Factors for IRR are 1 9 % , 1...
-
Equity Airbnb: ABNB ABNB Share Price $ 2 3 9 Shares Outstanding 1 0 0 , 0 0 0 , 0 0 0 Market Cap 2 3 , 9 0 0 , 0 0 0 , 0 0 0 Risk - free rate is 3 % Market risk premium is 4 % Corp tax rate is 2 4 %...
-
Calculate the difference in the price between a CALL and a PUT option on the same share, assuming the options are priced correctly. The exercise price of both options is 50. The price of the share is...
-
QUESTION 12 You take out a mortgage to buy a house worth $400,000. The down payment is 10%, the annual interest rate is 4.5%, the term of the mortgage is 30 years, and payments are monthly. What are...
-
City Hospital would like to develop a regression model to predict the total hospital bill for a patient based on his or her length of stay, number of days in the hospitals intensive care unit (ICU),...
-
The first national bank pays a 4% interest rate compound continuously. The effective annual rate paid by the bank is __________. a. 4.16% b. 4.20% c. 4.08% d. 4.12%
-
The accountant for Ellery Co., a private company reporting under ASPE, recorded the following journal entries: 1. A building with a cost of $75,000 is reported at its fair value. The following entry...
-
A list of accounting concepts follows: 1. Revenue recognition 2. Matching 3. Full disclosure 4. Historical cost 5. Expense recognition 6. Realizable value Match these concepts to the following...
-
Abbotsford Ltd., a sports equipment wholesaler, sold $350,000 of merchandise to a customer on November 14, 2017. The merchandise was shipped on November 29, 2017, FOB shipping point and was received...
-
On January 1, Year 1, Grapefruit Corporation purchased a machine for $41,300,000. Grapefruit's management expects to use the machine for 26,000 hours over the next six years. The estimated residual...
-
2. Nike Inc. currently has an AA- rated (Standard & Poor's) corporate bond outstanding, with a coupon rate of 3.875%, paid semi-annually, due to mature at 11/01/2045 (assume 21 full years), and...
-
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker's Stash experienced the following business...
Study smarter with the SolutionInn App