Answer:
Salaries Expense 23,000
Salaries Payable 23,000
Accrued salaries [($27,600 ÷ 6 days) × 5 days].
PE 3-6B Adjustment for accrued expense
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].