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    jessval24's Avatar
    jessval24 Posts: 8, Reputation: 1
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    #1

    Oct 14, 2008, 04:50 PM
    Adjusting journal entry
    victor has two employess who each get paid $150/day. Dec 31st is a wed. These two employess will not be paid until Friday, jan 2nd. What do I debit to the salary expense?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 15, 2008, 01:49 PM

    To do the adjusting entry you need to know how many days were work in the last week. There are 3 work days until the end of the year.

    You then take 3 days X Number of Employees X Amount per day.

    3 X 2 X $150 = $900

    Debit Salary Expense for 900
    Credit Salary Payable for 900
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