Question

At the end of the fiscal year, an adjusting entry was made for accrued salaries of $2,000. The salaries for one week, $4,250, were paid on the first Friday of the new fiscal period. When the weekly salaries are paid on the first Friday of the new accounting period, what will be the general journal entry

Answer 1

Dr. Salaries Payable $2,000

Dr. Salaries Expense $2,250

Cr. Cash $4,250

Step-by-step explanation:

At the end of fiscal year following entry was paased to record the accrued salary expense and create a payable account.

Dr. Salaries Expense $2,000

Cr. Salaries Payable $2,000

The remaining Expense of $2,250 ($4250-$2000) is related to current fiscal year so, it is recorded with the payament.