Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 27, 2024

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $26,000. The current pay period ends on

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $26,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June?

Multiple Choice

Salaries expense18,200Prepaid salaries7,800Salaries payable26,000

Prepaid salaries7,800Salaries payable7,800

Salaries expense18,200Salaries payable18,200

Salaries expense5,200Salaries payable5,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

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

Business and Administrative Communication

Authors: Kitty o. locker, Donna s. kienzler

10th edition

77830105, 978-0077830106, 978-0073403182

Students also viewed these Accounting questions

Question

★★★★★

Which pairs of events are independent? a. P(A) = .60, P(B) = .40, P(A B) = .24. b. P(A) = .90, P(B) = .20, P(A B) = .18. c. P(A) = .50, P(B) = .70, P(A B) = .25.

Answered: 1 week ago

Question

★★★★★

Why is failing to reject ????0 often an unreliable decision?

Answered: 1 week ago

Question

★★★★★

Suppose that we modify the model of the firm's investment behavior by assuming that any capital the firm has remaining at the end of the period can be sold at the price p'K (in our model we assumed...

Answered: 1 week ago

Question

★★★★★

Accrued Revenue Adjusting Entries Power Rental Service had The following items that adjustment at year-end. Earned $9,880 of revenue from The rental of equipment for which The customer had not yet...

Answered: 1 week ago

Question

★★★★★

hope to spend the summer travelling through Europe in 5 years. If estimate I will need $30,000 to make my dream come true, how much do I need to invest each year, assuming I can earn 10% compounding...

Answered: 1 week ago

Question

★★★★★

Blossom Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the...

Answered: 1 week ago

Question

★★★★★

The Windber Company is in its planning stage for next year. Windber expects sales to dip in Quarter 2 and is creating a production budget to determine if it needs to lay off employees. Windber knows...

Answered: 1 week ago

Question

★★★★★

I need help with a managerial accounting question. All parts pertain to the same question. Andretti Company has a single product called a Dak. The company normally produces and sells 87,000 Daks each...

Answered: 1 week ago

Question

★★★★★

Emilie Peters, the manager of the Laptop Division at Multitech Corporation, has enjoyed success. Her division's return on investment (ROI) has consistently been 18 percent on a total investment in...

Answered: 1 week ago

Question

★★★★★

Mack's Juices produces and bottles a line of fruit juices. The manufacturing process entails mixing and adding juices and other ingredients at the bottling plant, which is a part of Blending...

Answered: 1 week ago

Previous Question Next Question