Chase Company has 10 employees, who earn a total of $1,800 in salaries each working day.
Chase Company has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday The adjusting entry needed on December 31 is:
Homework Answers
The First day which was worked and to paid in the next year , it will be booked as expense and liability will be created
| Debit | Credit | |
| Salaries Expense | 5,400.00 | |
| Salaries Payable | 5,400.00 |
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Chase Company has 10 employees, who earn a total of $1,800 in salaries each working day.
Sanborn Company has 10 employees, who earn a total of $1,900 in salaries each working day.
Sanborn Company has 10 employees, who earn a total of $1,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Debit Salarles Expense, $5,700, credit Salarles Payable, $5,700. Debit Salarles Expense, $3,800, credit Salarles Payable, $3,800. Debit Salarles Expense, $9,500, credit...
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The company has 15 employees, who earn a total of $2,100 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31, 2019, is a Tuesday, and all 15 emplovees worked the first two days of that week. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $2.500 per month, starting on November...
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