Exercise $3-16$A $($Algo$)$ Recording accrued salaries and identifying their effect on financial statements LO $3-2$

On December $31,$ Year $1,$ BIG Company had accrued salaries of $$11,300.$

Required

a$.$ Record in general journal format the adjustment required as of December $31,$ Year $1.$

b$.$ Show the above adjustment in a horizontal statements model.

c$-1.$ Determine the amount of net income BIG would report on the Year $1$ income statement, assuming that BIG received $$25,800$ of cash revenue.

c$-2.$ What is the amount of net cash flow from operating activities for Year $1?$

d$.$ What amount of salaries payable would BIG report on the December $31,$ Year $1,$ balance sheet?

Complete this question by entering your answers in the tabs below.

Req A

Req B

Req $C$ and $D$

Record in general journal format the adjustment required as of December $31,$ Year $1.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

$1$

Record the adjusting entry for salaries payable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$December$],[21]],,,]]$