Question
Salaries: The company has 5 employees, who each earn a total of $1,000 each working day. They are paid each Monday for their work in
Salaries: The company has 5 employees, who each earn a total of $1,000 each working day. They are paid each Monday for their work in the five-day work week ending the previous Friday. Assume that December 31, is a Tuesday, and all 5 employees worked the first two days of the week. How much should be adjusted for on December 31?
- The beginning balance of Salaries Payable: (5 pts)
| $1000 a week |
- The amount to be adjusted (show your calculation): (5 pts)
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- The ending balance of the account after the adjustment (show your calculation): (5 pts)
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- Adjusting Journal Entry (please include description): (10 pts)
| Date | Account | Debit | Credit |
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Fia Foundations Of Financial Accounting Ffa Interactive Text
Authors: BPP Learning Media
1st Edition
1509724176, 978-1509724178
