Question
J. Sweet incorporated a marketing firm named J. Sweet & Associates Ltd. at the beginning of January 2020. JS (J. Sweets nickname) discovered that you
J. Sweet incorporated a marketing firm named J. Sweet & Associates Ltd. at the beginning of January 2020. JS (J. Sweets nickname) discovered that you are taking an accounting course and has asked you for assistance in preparing the financial information for the companys bank. JS decided on January 31st for the end of their fiscal period, so you only need statements for the first month of operations. If you need to calculate any numbers please include these calculations in the narrative line for your journal entry. Journal entry narratives are recorded below the journal entry and include relevant information (including calculations) about the entry.
"Because of the success of the first few weeks, JS hired (and immediately put to work that day) an Administrative Assistant on Friday January 17th to organize the office. The Admin Assistant agreed to a bi-weekly (every two weeks) salary of $1,600, which is to be paid every second Friday with the first paycheque due on Friday, January 24. (The work week is Monday to Friday). "
What would be the dated journal entry and adjusted journal entry for this transaction? Would you record the transaction on the 17th as a payable and then again on the 24th to show decreased cash?
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