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Oscar Company is in the process of adjusting and correcting its books at the end of 2010. In reviewing its records, the following information is...

Oscar Company is in the process of adjusting and correcting its books at the end of 2010. In reviewing its records, the following information is compiled.
Oscar has failed to accrue salary payable at the end of each of the last three years, as follows:
December 31, 2008 $6,000 December 31, 2009 $5,000 December 31, 2010 $7,000
Required:
Ignore income tax effect, prepare the journal entries necessary at December 31, 2010 to record the above correction. The books of 2010 are still open.
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Dear Student Please find... View the full answer

Accounting-8236295.xls

Solution:
Journal Entries at December 31, 2010 Amount in $ Retained earnings
Dr
To Salary Expenses
(To correct improper charge to salary expense for 2008) 6000 Retained earnings
Dr
To Salary...

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