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BE4.7 (LO 3) The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Saturday for
BE4.7 (LO 3) The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Saturday for employee salaries earned during the same five-day workweek (Monday through Friday, inclusive). Salaries were last paid on Saturday, September 25. This year the company's year end, September 30, falls on a Thursday. Salaries will be paid next on Saturday, October 2. Prepare the journal entries to record each of the following: a. Payment of the salaries on September 25 b. The adjustment to accrue salaries at September 30 c. Payment of the salaries on October 2 Prepare adjusting and subsequent entries for accrued revenue.
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