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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.

  1. Prepare the necessary adjusting entry for salaries expense on December 31, year 1.

  2. Record the companys payment of salaries on January 15, year 2.

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