Question
Flounder Company has an accounting fiscal year, which ends on June 30. The company also has a policy of paying the weekly payroll on Friday.
Flounder Company has an accounting fiscal year, which 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.
DateAmount
Monday June 28 $3,840
Tuesday June 29 $2,352
Wednesday June 30 $2,958
Thursday July 1 $3,900
Friday July 2 $2,340
Prepare necessary adjusting journal entries that should be made at year end on June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
9781266566899
