Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume that the weekly payroll of Off the Runway Boutique is $310. December 31, end of the year, falls on Tuesday, and Off the Runway
Assume that the weekly payroll of Off the Runway Boutique is $310. December 31, end of the year, falls on Tuesday, and Off the Runway will pay its employee on Friday for the full week. What adjusting entry will Off the Runway make on Tuesday, December 31? (Use five days as a full workweek.) Date Accounts and Explanation Debit Credit A. Salaries Expense Salaries Payable 124 OB. . 310 Salaries Payable Salaries Expense 310 Salaries Expense Cash 124 OD. || No adjustment is needed because the company will pay the payroll on Friday
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started