BRIEF EXERCISE 4.7 Accruing Unpaid Salaries Milford Corporation pays its employees on the 15th of...
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Accounting
BRIEF EXERCISE 4.7
Accruing Unpaid Salaries
Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $210,000. Salaries earned by Milfords employees from January 1 through January 15, year 2, totaled $216,000.
Prepare the necessary adjusting entry for salaries expense on December 31, year 1.
Record the companys payment of salaries on January 15, year 2.
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