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Ivanhoe Company is open for business six days a week. Weekly total salaries of $7,680 are paid every Monday morning to employees for salary earned
Ivanhoe Company is open for business six days a week. Weekly total salaries of $7,680 are paid every Monday morning to employees for salary earned during the previous six-day workweek (Monday through Saturday). At year end, three days remain unpaid. Prepare the journal entry to record the adjusting journal entry to accrue salaries at July 31 (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation July 31 Prepare the journal entry to record the payment of salaries on August 4. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Aug. 4
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