Magnolia Tree Service Has a Weekly Payroll of $50,000

question 101

Essay

Magnolia Tree Service has a weekly payroll of $50,000.December 31,2016 falls on Thursday and Magnolia will pay its employees the following Monday (January 4,2017)for the previous full week.Assume that Magnolia has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000.Prepare the December 31,2016 adjusting entry.

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