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Phoenix city workers earned $500,000 in salary during the ye

Phoenix city workers earned $500,000 in salary during the year. General government accounted for $200,000 public safety accounted for $200,000, park and recreation accounted for 100,000. At the end of the year the salaries payable balance was $15,000. Show the impact of each transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

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Salaries earned = 500,000

General government salaries 200,000
Public safety salaries 200,000
Parks and rec salaries 100,000
Salaries payable 500,000

If the salaries payable balance was ...

Solution Summary

Phoenix city workers earned $500,000 in salary during the year. General government accounted for $200,000 public safety accounted for $200,000, park and recreation accounted for 100,000. At the end of the year the salaries payable balance was $15,000. Show the impact of each transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.

$2.19