Question

Accounting for Expenses Sandoval University, a private, nonprofit university, pays its employees on the 15th of each month for the preceding month. At the end of June, Sandoval accrues gross salaries of \$1,500,000 and benefits of \$300,000 for the month. 1. Record the accrual journal entry. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit Credit Cash 1,200,000 0 Salaries expense 1,200,000 0 Benefits expense 0 1,200,000 Salaries payable 0 1,500,000 To record salaries for the month.

          Accounting for Expenses
Sandoval University, a private, nonprofit university, pays its employees on the 15th of
each month for the preceding month. At the end of June, Sandoval accrues gross
salaries of \$1,500,000 and benefits of \$300,000 for the month.
1. Record the accrual journal entry.
Enter accounts in order of magnitude (largest to smallest amounts), debits first.
Account
Debit
Credit
Cash
1,200,000
0
Salaries expense
1,200,000
0
Benefits expense
0
1,200,000
Salaries payable
0
1,500,000
To record salaries for the month.

Accounting for Expenses
Sandoval University, a private, nonprofit university, pays its employees on the 15th of
each month for the preceding month. At the end of June, Sandoval accrues gross
salaries of $1,500,000 and benefits of $300,000 for the month.
1. Record the accrual journal entry.
Enter accounts in order of magnitude (largest to smallest amounts), debits first.
Account
Debit
Credit
Cash
1,200,000
0
Salaries expense
1,200,000
0
Benefits expense
0
1,200,000
Salaries payable
0
1,500,000
To record salaries for the month.

Added by Thomas P.

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