Question
Harvey Norman pays salaries for its employees every Monday with full time of five-working days $14,000. Assume Harvey Normans end of accounting period on Wednesday,
Harvey Norman pays salaries for its employees every Monday with full time of five-working days $14,000. Assume Harvey Normans end of accounting period on Wednesday, June 30, and the next salaries payment is on Monday, July 5th. The balance for Salaries Expense before adjustment is $570,000.
a. Prepare adjusting entries to record accrued salaries on June 30.
b. Prepare the journal entries to record the payment made on July 5 for Salaries Expense.
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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
