Question

Has incurred salaries of $6,000 at the end of the year. The next payroll date is...

Has incurred salaries of $6,000 at the end of the year. The next payroll date is January 2nd of the following year. Make a general journal entry.
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Answer #1

Solution

Date Accounts title and explanation Debit Credit
31 Dec Salaries expense $        6,000.00
Salaries payable $            6,000.00
(To record accrues salaries)

Salary of 6000 will be recorded as per accrual system of accounting and a liability will also be recorded that will be paid on January 2 next year. The entry to pay salaries on january 2 will be as follows

Date Accounts title and explanation Debit Credit
Jan 02 Salaries payable $        6,000.00
Cash $            6,000.00
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