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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.
Standing to Sue
The legal right to initiate a lawsuit, based on having a sufficient connection to and harm from the law or action challenged to support that party's participation in the case.
Sufficient Stake
The extent of interest or concern one must have in a matter to justify their involvement or legal standing in a case.
Justify
To justify means to provide a logical, moral, or legal reason or explanation that supports an action, decision, or concept.
Justiciable Controversy
A controversy that is real and substantial, as opposed to hypothetical or academic.
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