Question

question content area prior to adjustment on august 31, salary expense has a debit balance of $334,450. salaries owed but not paid as of the same date total $2,430. journalize the entries to record the following:

Answer 1

Answer: Please see below for the answer

Step-by-step explanation:

Entry for accrued salaries

Date August, 31

ACCOUNT TITLE DEBIT CREDIT

Salary expense $ 3,760

Salaries payable $3,760

Entry for Closing salary Expense

Date: August, 31

ACCOUNT TITLE DEBIT CREDIT

Income summary (258,370+3,760) $262,030

Salaries expense $262,030

Hannah's Pool Service Company Statement of Owner’s Equity For the Year Ended December 31

Hannah Roberts Capital Jan, 1st $303,110

Investments during the year $20,810

Net income (add) $58,430

Withdrawals during the year(subtract)$39,530

Owners equity $39,710

Capital for December 31st $342,820

*Capital for December 31st is capital on January 1st plus owner's equity.