A company's employees earn a total of $10,000 per week for a 5-day week that begins on Monday. December 31 of Year 1 is a Monday, and all employees worked that day.a) Prepare the required adjusting journal entry to record accrued salaries on December 31, Year 1.b) Prepare the journal entry to record the payment of salaries on January 4, Year 2. (Assume no reversing entries were made).
What will be an ideal response?
| a) | 12/31 | Salary Expense | 2,000 | ? | ? |
| ? | ? | Salaries Payable | ? | 2,000 | ? |
| ? | ? | ? | ? | ? | ? |
| b) | 1/4 | Salary Expense | 8,000 | ? | ? |
| ? | ? | Salaries Payable | 2,000 | ? | ? |
| ? | ? | Cash | ? | 10,000 | ? |
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