White Star Enterprises records salaries expense each Friday when employees are paid The company is preparing its financial statements on June 30, which is a Wednesday Salaries are $5,000 a week Required a Prepare any adjusting journal entry necessary on June 30 b Explain if this situation is a defe...

a June 30 Salaries Expense 3000 Salaries Payable 3000 b Thi ...

White Star Enterprises records salaries expense each Friday when employees are paid. The company is preparing its

Question:

White Star Enterprises records salaries expense each Friday when employees are paid. The company is preparing its on June 30, which is a Wednesday. Salaries are $5,000 a week.
Required
a. Prepare any adjusting journal entry necessary on June 30.
b. Explain if this situation is a deferred or accrued expense.
c. Show the T-accounts with the adjusting journal entry posted to them. Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...