Ask Experts Questions for FREE Help !
Ask
    trajean27's Avatar
    trajean27 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 2, 2010, 11:50 AM
    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.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Mar 3, 2010, 02:38 AM

    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.
    tabithadevoe's Avatar
    tabithadevoe Posts: 2, Reputation: 1
    New Member
    		  
    #3

    May 17, 2010, 07:35 AM

    I have attepmted to doing the questions but I am confused on how to answer the question.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #4

    May 17, 2010, 12:27 PM

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Confused on Salaries Payable/Salaries Expense [ 3 Answers ]

Ok, I'm doing a comprehensive problem for my accounting class. For the first part, we're supposed to journalize and post the transactions. The only one I was confused on was this one: July 20 Paid $1,600 for employee salaries. In the journal, do I record it as this: Date: July 20 Acct....

Names, salaries and tax details of directors and salaries at a non-profit? [ 1 Answers ]

There is a public website that stores publicly filed tax form, accesible by the public on Internet, completed by the CFO's of non-profits to qualify their 403b status and other non-profit needs. It lists all the officers of the associationm their roles and salary as of the last filing. Would you...

Realty experts [ 1 Answers ]

I want to know that contact nos. and detaile of legal experts in delhi

View more questions Search