Answer:
a. Salaries Expense 7,050 Salaries Payable 7,050 Accrued salaries [($11,750 ÷ 5 days) × 3 days]. b. Salaries Expense 9,400 Salaries Payable 9,400 Accrued salaries [($11,750 ÷ 5 days) × 4 days].
Ex 3-13 Adjusting entries for accrued salaries
Ocular Realty Co. pays weekly salaries of $11,750 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday.
Answer:
a. Salaries Expense 7,050 Salaries Payable 7,050 Accrued salaries [($11,750 ÷ 5 days) × 3 days]. b. Salaries Expense 9,400 Salaries Payable 9,400 Accrued salaries [($11,750 ÷ 5 days) × 4 days].
Answer:
a. Salaries Expense 7,050 Salaries Payable 7,050 Accrued salaries [($11,750 ÷ 5 days) × 3 days]. b. Salaries Expense 9,400 Salaries Payable 9,400 Accrued salaries [($11,750 ÷ 5 days) × 4 days].