Chapter 4 Salaries Payable - Chapter4 AccruedExpenses...

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Chapter 4 Accrued Expenses Salaries Payable $500 500 500 500 $500 $500 $500 Sun. Mon. Tues. Wed Thurs. Fri. Sat. Dec. 27 Dec. 28 Dec. 29 Dec. 30 Dec. 31 Jan. 1 Jan. 2 Entry to record  Accrued Salaries Date DR. CR. 12/31/09 Salary Expense $2,500      Salaries Payable $2,500 To record Salaries payable from Dec. 27 – Dec. 31 Then entry to  record normal Payroll Date DR. CR. 1/3/10 Salaries Payable $2,500 Salary Expense 1,000      Cash $3,500 To record salaries paid from Dec. 27 – Jan. 2 Notice that $2,500 was expensed in 2009, and $1,000  was expensed in 2010 .
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Recording Salaries Payable Using Reversing Entry $500 500 500 500 $500 $500 $500 Sun Mon Tues Wed Thurs Fri Sat Dec. 27 Dec. 28
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This note was uploaded on 04/27/2010 for the course ACCOUNTING 201 taught by Professor D.kanarella during the Spring '10 term at University of Toronto.

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Chapter 4 Salaries Payable - Chapter4 AccruedExpenses...

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