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Prepare an adjusting entry to record accrued salaries

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Question - Silicon Chip Company's fiscal year-end is December 31. At the end of 2021, it owed employees $38,000 in salaries that will be paid on January 7, 2022.

Required - Prepare an adjusting entry to record accrued salaries, a reversing entry on January 1, 2022, and an entry to record the payment of salaries on January 7, 2022.

Record the accrued salaries as of December 31.

Record the reversing entry on January 1.

Record the payment of salaries on January 7.

Reference no: EM133020894

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