Question

Oakdale Manufacturing pays weekly salaries of $105,000 on Friday for a five-day week ending on that...

Oakdale Manufacturing pays weekly salaries of $105,000 on Friday for a five-day week ending on that day. journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends a) on Monday, b) on Wednesday.

Homework Answers

Answer #1

Transaction

General Journal

Debit

Credit

Adjusting entry assuming that period ends on Monday

(a)

Salaries expense

$ 21,000.00

           Salaries payable

$ 21,000.00

(salaries payable for 1 day)

Adjusting entry assuming that period ends on Wednesday

(b)

Salaries expense

$ 63,000.00

             Salaries payable

$ 63,000.00

(salaries payable for 3 days)

When period ends on Monday then 1 days salary is accrued (105000/5 x 1)

And when period ends on Wednesday then 3 days salary will be accrued (105000/5 x 3)

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