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Answer to Question #47162 in Finance for Felisia Fitri Anita

Question #47162
Canyon Realty Co. pays weekly salaries of $3,700 on Friday for a five-day workweek
ending on that day. Journalize the necessary adjusting entry at the end of the accounting
period assuming that the period ends (a) on Wednesday and (b) on Thursday.
Expert's answer
Canyon Realty Co. pays weekly salaries of $3,700 on Friday for a five-day workweek ending on that day. The necessary adjusting entry at the end of the accounting period assuming that the period ends:
(a) on Wednesday 
Dr Salaries expense $2,220 (at $740 a day) 
Cr Salaries payable $2,220
(b) on Thursday 
Dr Salaries expense $2,960 
Cr Salaries payable $2,960

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