Final answer:
The adjusting entry for salaries of $19,500 would be recorded by debiting Salaries Expense and crediting Salaries Payable. The firm's accounting profit is $50,000, calculated by subtracting labor, capital, and material costs from sales revenue.
Step-by-step explanation:
The question asks for the recording of an adjusting entry for salaries in the amount of $19,500. When preparing adjusting entries in accounting, you are recording expenses that have been incurred but not yet paid for, or revenues that have been earned but not yet received. The entry for the salaries would typically be a debit to Salaries Expense and a credit to Salaries Payable.
Regarding the firm's accounting profit question, the accounting profit can be calculated by subtracting the sum of all expenses from the sales revenue. In this case, accounting profit is calculated as follows: $1,000,000 (sales revenue) - $600,000 (labor) - $150,000 (capital) - $200,000 (materials) = $50,000. Therefore, the firm's accounting profit is $50,000.