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Current Attempt in Progress Pharoah Company has an accounting fiscal year that ends on June 30. The company also has a policy of paying the
Current Attempt in Progress Pharoah Company has an accounting fiscal year that ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred: Date June 28 $6,400 June 29 7,200 FI Wednesday June 30 5,800 Thursday July 1 6,400 July 2 Monday Tuesday Friday Amount 5.800 The company also purchased a used car on June 1 for $11,100 cash. The vehicle has a useful life of five years. Prepare any necessary adjusting entries that should be made at year end on June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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