A 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, 2013, Norton accrued $4,700 of salaries payable. On January 7, 2014, 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

Answer rating: 100% (QA)

Accounts title Debit Credit 31Dec Salaries expense 47... View the full answer