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Cage Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek
Cage Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that fiscal year ended April 30, is a Thursday and all employees will be paid salaries for five full days on the following Monday. All employees worked each day. a) prepare the adjusting entry on April 30. b) prepare the payment of salaries on May 4.
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