Norton Company closes its accounts on December 31 each year. The company works a five-day work week
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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, 2018, Norton accrued $4,700 of salaries payable. On January 7, 2019, the company paid salaries of $12,000 cash to employees. Prepare journal entries to:
a. Accrue the salaries payable on December 31;
b. Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments); and
c. Record the salary payment on January 7.
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Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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