Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Development Of The American Public Accounting Profession

Authors: T.A. Lee

1st Edition

0415403944, 9780415403948

More Books

Students also viewed these Accounting questions

Question

half life initial size 1 4 5 5 mg decaying at 3 . 7 % per hour

Answered: 1 week ago