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Adjusting Entries for Accrued Salaries Garcia Realty Co. pays weekly salaries of $33,000 on Friday for a five-day workweek ending on that day. a. Journalize
Adjusting Entries for Accrued Salaries Garcia Realty Co. pays weekly salaries of $33,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Tuesday. Salaries Expense 19,800 x Salaries Payable 19,800 X Feedback Check My Work Partially correct b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Wednesday. Salaries Expense 26,400 X Salaries Payable 26,400 Feedback Check My Work a. & b. Some types of services used in earning revenues are paid for after the service has been performed. In such cases, the expense is increased. When does the accounting period end? Multiply the daily amount times this number of days to obtain the accrual amount in each situation
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