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Farr Company Paid the Weekly Payroll on January 2 by Debiting

Question 263

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Farr Company paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $50,000. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $30,000 had been accrued at year end on December 31. The correcting entry is Farr Company paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $50,000. The accountant preparing the payroll entry overlooked the fact that Salaries and Wages Expense of $30,000 had been accrued at year end on December 31. The correcting entry is

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