Answer:
Salaries Expense 23,000
Salaries Payable 23,000
Accrued salaries [($27,600 ÷ 6 days) × 5 days].
Sunday, 24 July 2016
Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday
Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday.
Answer:
Salaries Expense 23,000
Salaries Payable 23,000
Accrued salaries [($27,600 ÷ 6 days) × 5 days].
Answer:
Salaries Expense 23,000
Salaries Payable 23,000
Accrued salaries [($27,600 ÷ 6 days) × 5 days].
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