Stress Free Reality Co. pays weekly salaries of $17,125 on Friday for a five day workweek ending on that day. Journalize the nessary adjusting entry at the end if the accounting period assuming that the period ends on Monday
Salaries expense for 5 days period = $17,125
Salaries expense for 1 day = $17,125 x 1/5
= $3,425
One day salary is outstanding at the end of the accounting period.
Following adjusting entry will be made at the end of the accounting period.
Journal
Date | Account title | Debit | Credit |
Salaries expense | $3,425 | ||
Salaries payable | $3,425 | ||
(To record salaries expense) |
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