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The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year.
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $23,000 will be paid on Friday, July 2 Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1. and an entry to record the payment of salaries on July 2 2. Prepare journal entries to record the accrued salaries as of June 30 and the payment of salaries on July 2 assuming a reversing entry is not recorded. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries on July 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the accrued salaries as of June 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal KRequired 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the accrued salaries as of June 30 and the payment of salaries on July 2 assuming a reversing entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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