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-   -   If Canyon Realty Co, pays weekly salaries of $12,000 on Friday For (https://www.askmehelpdesk.com/showthread.php?t=453446)

  • Mar 2, 2010, 11:50 AM
    trajean27
    If Canyon Realty Co, pays weekly salaries of $12,000 on Friday for
    If Canyon Realty Co, pays weekly salaries of $12,000 on Friday for a five-day work week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Tuesday. (b) on Wenesday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
  • Mar 3, 2010, 02:38 AM
    morgaine300

    Hmm... looks like Warren Reeves Duchac to me.

    Please see our guidelines for posting homework in the red print at the top of this forum.

    What have you attempted to do on this? I can easily give some hints for this one, but I don't know what you don't understand: the dollar amounts, accounts used, the instructions... it's certainly easier when we know what you don't understand.
  • May 17, 2010, 07:35 AM
    tabithadevoe

    I have attepmted to doing the questions but I am confused on how to answer the question.
  • May 17, 2010, 12:27 PM
    pready

    First you need to calculate the amount of pay per day. Then you take this amount * number of days = your salaries Expense.

    Your adjusting entry will be: Debit Salaries Expense for the amount and Salaries Payable for the amount.

    For Tuesday you need to calculate 2 days worth of pay and for Wednesday you need to calculate 3 days worth.

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