Question

Mason Painting Services has a weekly payroll of $ 26 comma 000. December 31 falls on Wednesday and Mason will pay its employees the following Monday​ (January 5) for the previous full week. Assume that Mason has a fiveminusday workweek and has an unadjusted balance in Salaries Expense of $ 760 comma 000 at December 31. What amount should be debited to Salaries Expense on December​ 31?

Answer 1

$15,600

Step-by-step explanation:

The amount that should be debited to Salaries Expense on December 31 is $15,600. This is because:

$26,000/5=$5,200

$5,200*3=$15,600

The unadjusted trial balance is the listing of account balances at the end of a reporting period, before adjusting entries are made. This step occurs before we can create financial statements. This is the first step in analyzing account balances and making adjusting entries. When a company creates financial statements each month, it also produces unadjusted trial balances at the same rate.