Question

Garcia Realty Co, pays weekly salaries of $14,500 on Friday for a five-day workweek ending on that day. Joumatre the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of accounties.

Answer 1

	JOURNAL					ACCOUNTING EQUATION
	DATE	DESCRIPTION	POST. REF	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Salaries expense ($14,500/5*3)		$    8,700				$   (8,700)
		Salaries payable			$    8,700		$           8,700
2		Salaries expense ($14,500/5*4)		$ 11,600				$ (11,600)
		Salaries payable			$ 11,600		$        11,600

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