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.
1
Expert's answer
2014-10-02T13:07:22-0400
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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