For the following prepare all necessary journal entries for the current year ( e

Question

For the following prepare all necessary journal entries for the current year (except closing) for both the fund-based (designate the fund) and government-wide (designate the activity) financial statements. Use the letter of each transaction and YE for related year-end transactions to date the journal entries.

m. Paid salaries of $252,000 to schoolteachers. In addition, owes and will pay $31,500 during the first two weeks of 2018. Vacations worth $24,150 have also been earned but will not be taken until July 2018.

Explanation / Answer

13/12/2017 - Salary A/c........Dr 252,000

To Cash/Bank 252,000

(Being salary paid)

31/12/2017 - Salary A/c.........Dr 31,500

To Outstanding Salary 31,500

(Being outstanding salary booked)

31/12/2017 - Vacation Salary A/c...............Dr 24,150

To Accrued salaries 24,150

(Being accrued vacation salary booked)

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