Ski Master Company pays weekly salaries of $3,600 on Friday for a five-day week ending on...
Ski Master Company pays weekly salaries of $3,600 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.
Homework Answers
Journal Entry:
| Date | Account Name | Debit | Credit |
| 1. | Salaries Expense | $2160 | |
| Salaries Payable | $2160 |
Working:
1) Per day Salary:
= $3600÷5 day
= $ 720 per day
2) Salary till wednesday:
= $720 × 3 days ( Mon - Wed)
= $2160
3) If accounting period ends on wednesday we have to record salaries till wednesday only.
4) Therfore above adjusted entry is required.
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