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Prepare the journal entries necessary at december

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Question - Oscar Company is in the process of adjusting and correcting its books at the end of 2010. In reviewing its records, the following information is compiled.

Oscar has failed to accrue salary payable at the end of each of the last three years, as follows:

December 31, 2008 $6,000 December 31, 2009 $5,000 December 31, 2010 $7,000

Required: Ignore income tax effect, prepare the journal entries necessary at December 31, 2010 to record the above correction. The books of 2010 are still open.

Reference no: EM131809078

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