Question

Knowledge Check 01 A company is in its first month of operations. The company pays total salaries to its employees of $600 per day. For the first four weeks of January (28 days), the company paid its employees $16,800 cash. For the final three days in January, employees earn $1,800 in additional salaries that will not be paid until February 4. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the $1,800 additional salaries earned by employees. Note: Enter debits before credits Date General Journal Debit Credit Jan 31

Answer 1

Solution 1:

Journal Entries
Date	Particulars	Debit	Credit
31-Jan	Salaries expense Dr	$1,800.00
	To Salaries payable		$1,800.00
	(To record salaries expense)

Solution 2:

Journal Entries
Date	Particulars	Debit	Credit
31-Jan	Interest expense Dr	$100.00
	To Interest Payable		$100.00
	(To record interest expense)

Solution 3:

Journal Entries
Date	Particulars	Debit	Credit
31-Jan	Accounts receivables Dr	$2,000.00
	To Service revenue		$2,000.00
	(To record service revenue)