Answer:
Salaries Expense 9,750
Salaries Payable 9,750
Accrued salaries [($16,250 ÷ 5 days) × 3 days].
PE 3-6A Adjustment for accrued expense
Connect Realty Co. pays weekly salaries of $16,250 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 on Wednesday.
Answer:
Salaries Expense 9,750
Salaries Payable 9,750
Accrued salaries [($16,250 ÷ 5 days) × 3 days].
Answer:
Salaries Expense 9,750
Salaries Payable 9,750
Accrued salaries [($16,250 ÷ 5 days) × 3 days].