Basil Company has a five-day workweek and pays salaries of $70,000 each Friday.

1. Prepare the adjusting entry required om May 31, assuming that June 1 falls on a Wednesday.

2. Prepare the entery to pay the salaries on June 3, including the amount of salaries payable from requirement 1.

First you need to calculate the salary for 2 days (Monday and Tuesday). Take your total amount * 2/5 to get the adjusting entry amount. The adjusting entry is: Debit Salary Expense and Credit Salaries Payable for the amount

The Jun 3 entry will be: Debit Salaries expense for 3 days (Wed, Thurs, and Friday), Debit Salaries Payable for the 2 days (Mon and Tue) and Credit cash for the total 5 days amount.