Basil Incorporated has a five-day workweek and pays salaries of $70,000 each Friday. 1. Prepare the adjusting
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Basil Incorporated has a five-day workweek and pays salaries of $70,000 each Friday.
1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday.
2. Prepare the entry to pay the salaries on June 3, including the amount of salaries payable from requirement 1.
Revenue and Expense Recognition
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