Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December
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Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $210,000. Salaries earned by Milford’s employees from January 1 through January 15, year 2, totaled $216,000.
a. Prepare the necessary adjusting entry for salaries expense on December 31, year 1.
b. Record the company’s payment of salaries on January 15, year 2.
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a Dec 31 Salaries Expense 210000 Salaries Payable 210000 To record a...View the full answer
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Related Book For 
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ISBN: 9781260247930
19th Edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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