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Identify the type of adjustment necessary (the type of item involved) and record the transaction for...

Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event. Make sure to include the ending balances after adjustment.

Assume Mover Lights Corp. pays salaries on the 28th of each month. Light stuffers earn $280/day with a 7-day work week. June 30th is the end of the accounting period. Light stuffers have worked on the 28th, 29th, and 30th but have not yet been paid for those days. The June 30 adjustment is:

Assets = Liabilities +  Stockholders' Equity
Cash Office Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings
Adjustment _____________ _____ _____
Bal. _____________ _____
Business   Accounting   
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Salary payable is current liability shown on balance sheet liability side.The salary payable will increase the current liability and on the other hand, as the salary expenses increases with the outstanding salary will reduce the net income of the organisation.Due to reduction of net income will reduce the retained earning of the organisation during the given period of time.

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