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Bridgeport Company pays salaries of $11,130 every Monday for the preceding 5-day week (Monday through...

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Accounting

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Bridgeport Company pays salaries of $11,130 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Bridgeport's employees have worked 2 days without being paid at the end of the fiscal year. Your answer is partially correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when Bridgeport pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Debit Credit Account Titles and Explanation Salaries and Wages Expense Dec. 31 6,678 Salaries and Wages Payable 6,678 Jan. 6 Salaries and Wages Payable 6,678 Salaries and Wages Expense Cash Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1 reversing entry, and the entry on Monday, January 6, when Bridgeport pays the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit NI

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