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Reference no: EM132907711

NFP C is an organization that has a September 30 fiscal year-end and follows the accrual basis of accounting. Its account balances as of September 30, 2021, were as follows:

Cash $120,000
Pledge Receivable (restricted for use in FY 2021-22) $75,000
Prepaid Insurance (thru December 2021) $2,000
Furniture (5-year useful life) $20,000
Accumulated Depreciation - Furniture $12,000
Equipment (3-year useful life) $18,000
Accumulated Depreciation - Equipment $6,000
Salaries Payable $22,000
Accounts Payable $17,000
Net Assets without Donor Restrictions $103,000
Net Assets with Donor Restrictions $75,000

The following transactions are entered into by NFP C during the first quarter of Fiscal Year 2021-22 (the three months ended December 31, 2021). For each transaction, you've been provided with journal entry information that is either incomplete or that contains one or more errors. Provide the necessary correction(s) so that the journal entry information properly reflects the transaction.

NFP incurred salaries of $21,000 per month for the months of October thru December 2021. Employees are paid on the 10th day of the following month.

Dr. Salary Expense $63,000
Cr. Cash $63,000

Problem 1: Do need to do something with salary payable?

Reference no: EM132907711

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