Question
Fergusons employees earn a total of $30,000 per week for a 5-day week. December 31 of Year 1 is a Tuesday. a.) Prepare the journal
Ferguson’s employees earn a total of $30,000 per week for a 5-day week. December 31 of Year 1 is a Tuesday. a.) Prepare the journal entry to record accrued salaries on December 31, Year 1. b.) Prepare the journal entry to record the payment of salaries on January 3, Year 2.
a.) | Dec 31 | 3,000 | ||
b.) | Jan 4 | |||
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
The journal entries should be as follows a Accrued Salaries Expense 24000 Salar...
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
