A company pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 26, 2021, and employees are paid $5,600. The next two-week pay period ends on January 9, 2022, and employees will be paid $5,600. Record the adjusting entry on December 31, 2021.
What will be an ideal response?
| Salaries Expense | 2,000 | ? |
| Salaries Payable | ? | 2,000 |
You might also like to view...
Compliance with the laws and regulations of a global market can lead to increases in costs
Indicate whether the statement is true or false
Before a corporation comes into existence, it ________.
A. cannot ratify a contract made by the promoter B. is liable if the board acts to adopt the contract C. can be liable as principal D. is illegal to pay promoters for their services
Genuine, abiding love is priceless and as such is the highest form of valid consideration in contracts
Indicate whether the statement is true or false
Broadly, ________ strategies may include leveraging bilateral, regional, and international trade and investment agreements, drawing on bilateral and multilateral financial support, and using project finance structures to separate project exposure from overall firm risk.
A. integrative B. protective and defensive C. vertical investment D. proactive political