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. The following information relates to the ABC Company. a. The company has 5 employees, who earn a total of $2,900 in salaries each
. The following information relates to the ABC Company. a. The company has 5 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that fiscal year ended April 30, is a Thursday and all employees worked each day and will be paid salaries for five full days on the following Monday. b. Services of $3,000 have been performed for a client, WXY Enterprises, through April 30. The client C. will pay the entire amount of the contract, $5,000, when services are completed on May 23. Paid the employees' salaries on May 4. d. Received payment from WXY Enterprises for services that are now completed on May 23. Using the attached T-account template (or a spreadsheet with the same level of account level detail) prepare the April 30 adjusting entries and the subsequent May 4 and May 23 entries. Assume the company does not prepare reversing entries.
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