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I just need help with a few more totals... The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30,
I just need help with a few more totals...
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries and wages are earned evenly throughout the five-day work week, and $29,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries and wages as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries and wages on July 2. 2. Prepare journal entries to record the accrued salaries and wages as of June 30 and the payment of salaries and wages on July 2 assuming a reversing entry is not recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an adjusting entry to record the accrued salaries and wages as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries and wages on July 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit View transaction list View journal entry worksheet No Dato General Journal Salaries and wages expense Salaries and wages payable June 30 N July 01 Salaries and wages payable Salaries and wages expense Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the accrued salaries and wages as of June 30 and the payment of salaries and wages on July 2 assuming a reversing entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Date View journal entry worksheet General Journal Salaries and wages expense Salaries and wages payable Debit No 1 Credit June 30 2 July 02 Salaries and wages expense Salaries and wages payable Cash 29,000 Step by Step Solution
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