Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the weekly payroll of the Abbott Company is $5,000 . December 31 , the end of the year, falls on a Wednesday and Abbott

Assume the weekly payroll of the Abbott Company is

$5,000

. December 31 , the end of the year, falls on a Wednesday and Abbott will pay its employees on Friday for the full week.\ What adjusting entry will Abbott make on Wednesday, December 31? (Use five days as a full work week)\ \\\\table[[Date,Accounts,Debit,Credit],[Dec. 31,\\\\table[[Salaries Expense],[Cash]],5,000,]]\ \\\\table[[Date,Accounts,Debit,Cre],[Dec. 31,\\\\table[[Salaries Expense],[Salaries Payable]],5,000,],[,,5,0,]]\ \\\\table[[Date,Accounts,Debit,Credit],[Dec. 31,Salaries Expense,3,000,],[,Cash,,3,000]]\ \\\\table[[Date,Accounts,Debit,Cre],[Dec. 31,Salaries Expense,3,000,],[,Salaries Payable,,3,0]]\ IDON'T KNOWYET

image text in transcribed
Assume the weekly payroll of the Abbott Company is $5,000. December 31 , the end of the year, falls on a Wednesday and Abbott will pay its employees on Friday for the full week. What adjusting entry will Abbott make on Wednesday, December 31? (Use five days as a full work week) I DON'T KNOWYET

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

Step: 3

blur-text-image

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

Finance Theory And Practice

Authors: Anne Marie Ward

4th Edition

191235036X, 978-1912350360

More Books

Students also viewed these Finance questions