Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Regulation Of The London Stock Exchange Share Trading, Fraud And Reform 1914-1945

Authors: Chris Swinson

1st Edition

0367887568, 9780367887568

More Books

Students also viewed these Accounting questions