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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.

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Answer #1

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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