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Adjusting entry at the end of the accounting period
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? |
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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 |
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