Magnolia Tree Service has a weekly payroll of $50,000. Decem

Magnolia Tree Service has a weekly payroll of $50,000. December 31, 2016 falls on Thursday and Magnolia will pay its employees the following Monday (January 4, 2017 ) for the previous full week

Assume that Anthony has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000. Prepare the December 31, 2016 adjusting entry.
What will be an ideal response

ANSWER

Salaries Expense 40,000
Salaries Payable 40,000