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What would the journal entry be on 12/15/96 for the following: Food Line Management signed...

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Accounting

What would the journal entry be on 12/15/96 for the following: Food Line Management signed a new labor agreement with its employees.. The two year agreement takes effect on 1/1/1997 and calls for total wage increases of $150,000 per year.

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To record the signing of a new labor agreement that takes effect in the future we need to consider how to reflect this in the accounting records Since the agreement will result in wage increases starting January 1 1997 the actual expense will be recognized in the future periods when the wages are paid However we can still make a journal entry to    See Answer
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