Preparing Adjusting Entries an Asset to an Expense and to Convert a liability to

Accounting
Tutor: None Selected Time limit: 1 Day

Another Question: The company's policy is to pay its employees every Friday/ Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $2,400

a. Record the necessary adjusting journal entries on December 31, 2011

b. By how much did the companies net income increase or decrease as a result of the entries performed in part 

(Ignore Income Taxes)

May 30th, 2015

Should I draw a table answer this question?

May 30th, 2015

Would be great.


Here was my answer to the original question. # 6 or is it the same for a. too?

Dec. 31  Wages Expense………....…………………………………………………………… 2,400
                        Wages Payable……...…………………………………………………..……….. 2,400
Adjusting entry to accrue wages owed but unpaid as of December 31

May 30th, 2015

Okay, let me work it out. Though am having some hitches with my notebook but will send as soon as am through.

May 30th, 2015

Ok thank you

May 30th, 2015

Are you still with me?

May 30th, 2015

Yes I am

May 30th, 2015

Ok I just wanted to make sure I didn't lose you

May 30th, 2015

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