Dyer Service Company Had the Following Unadjusted Balances at December

question 123

Essay

Dyer Service Company had the following unadjusted balances at December 31,2016: Salaries Payable,$0;Salaries Expense,$12,000.The following transactions took place on December 31,2016:
Accrued Salaries Expense,$5,000
Closed the Salaries Expense account.
The following transaction took place on January 4,2017:
Paid salaries of $6,000.This payment included $5,000 that was accrued on December 31,2016 and $1,000 for the first few days in January 2017.
Prepare the journal entries for January 1,2017 and January 4,2017,assuming that reversing entries were made.

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Definitions:

Personnel Limitation

Constraints or restrictions related to the number or capabilities of staff available for a project or operation.

Net Present Value

A calculation used to evaluate the profitability of an investment, subtracting the present values of cash outflows from the present values of cash inflows.

Binary Variable

A variable that takes on one of exactly two possible values, typically represented or coded as 0 and 1.

Processes

A series of actions or steps taken in order to achieve a particular end, often referring to sequences in manufacturing or computation.