We-Sell Realty Co. pays weekly salaries of $10,375 on Friday for a five-day workweek ending on...
We-Sell Realty Co. pays weekly salaries of $10,375 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry assuming that the accounting period ends on Wednesday. Round your answer to the nearest whole dollar.
Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| 31-Dec | Salaries expense | $ 6,225.00 | |
| Salaries payable | $ 6,225.00 | ||
| (To record Salaries accrued) |
Salaries expense for 3 days are earned by the employees so even though salaries are not required to be paid on Wednesday but still salary for 3 days will be recorded. (10375/5 x 3=$6225)
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