Ash Reality Co. Pays weekly salaries of $3,700 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends:

A) on Wednesday

B) on Thursday

What is debited and credited? What are the calculations if there is any?

First you need to calculate the daily rate of salaries: $3,700 divided by 5 equals the daily rate of salaries.

Now for a Wednesday you need to calculate 3 days of salaries. So your daily rate times 3 equals salaries for 3 days.

Now for a Thrusday you need to calculate 4 days of salaries. So take your daily rate times 4 equals salaries for 4 days.

Your adjusting entry for both A and B will be:
Debit Salaries Expense calculated for A or B
Credit Salaries Payable for the amount calculated in A or B

Thank you!