Keller Industries started business part way through the current year and prepares annual financial statements. Keller Industries currently pays $10,000 of salaries (wages) per week for a 5-day work week from Monday through Friday. Keller pays the employees on each Friday for that week's work. Assume December 31 of the current year falls on Thursday. Keller's unadjusted balance in Salary Expense is $300,000. 

After the appropriate adjusting entry, what will be the balance in the Salaries Expense account?

Answer rating: 100% (QA)

To adjust the Salaries Expense account for the current yearend we need to account for the accrued ... View the full answer