Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December
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Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2015, totaled $175,000. Salaries earned by Milford’s employees from January 1 through January 15, 2016, totaled $180,000.
a. Prepare the necessary adjusting entry for salaries expense on December 31, 2015.
b. Record the company’s payment of salaries on January 15, 2016.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Financial Accounting
ISBN: 978-0077862381
16th edition
Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
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