Question
The employees of Xitrex, Inc., are paid each Friday. The companys 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 companys fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries and wages are earned evenly throughout the five-day work week, and $11,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries and wages as of June 30, a reversing entry on July 1, and an entry to record the payment of salaries and wages on July 2. 2. Prepare journal entries to record the accrued salaries and wages as of June 30 and the payment of salaries and wages on July 2 assuming a reversing entry is not recorded.
I am not sure what I am missing ... It says that my answer is incomplete
Required 1Required 2 Prepare an adjusting entry to record the accrued salaries and wages as of June 30, a reversing entry on July 1, and an entry t the payment of salaries and wages on July 2. (If no entry is required for a transaction/event, select "No journal entry required first account field.) View transaction list View journal entry worksheet Date General Journal Debit Credit June 30 6,600 Salaries and wages payable 6,600 July 01 Salaries and wages payable 6,600 Salaries and wages expense 6,600 July 02 Salaries and wages expense 11,000 Cash 11,000 Required 1 Required 2> Required Required 2 Prepare journal entries to record the accrued salaries and wages as of June 30 and the payment of salaries and wages 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 account field.) View transaction list View journal entry worksheet Date General Journal Debit Credit June 30 Salaries and wages expense 6,600 Salaries and wages pavable 6,600 July 02 Salaries and wages expense Salaries and wages pavable 4,400 6,600 Cash 11,000
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