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Perimeter Realty Co. pays weekly salaries of $16,400 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 and (b) on Thursday. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Respuesta :

Answer and Explanation:

The journal entries are shown below:

a.

Salaries expense $9,840 (16400 ÷ 5 × 3)

    To Salaries payable  $9,840

(Being salaries expense is recorded)

Here salaries expense is debited as it increased the expense and credited the salaries payable as it increased the liability  

b.      

Salaries expense $13,120  (16400 ÷ 5 × 4)

     To Salaries payable  $13,120

(Being salaries expense is recorded)

Here salaries expense is debited as it increased the expense and credited the salaries payable as it increased the liability  

 

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