Question

What adjusting entry is required (FOR FULL CREDIT ALWAYS GIVE IN PROPER FORM) if the month ends on a Tues. for a company that has 3 employees, each earning $200 per week?

Answer 1

Adjusting entry will be recorded for 2 days salary as follows assuming 5 days workings days in a week

General Journal	Debit	Credit
Salaries expense	$ 240.00
Salaries payable		$        240.00
(to record salaries payable)

($200 x 3)/5 x 2

.

Alternate solution assuming 6 days in a week

General Journal	Debit	Credit
Salaries expense	$ 200.00
Salaries payable		$        200.00
(to record salaries payable)

($200 x 3)/6 x 2