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If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is $840.
For two employees and for two days, the adjustment made was 4 times their per day income.
Total month end adjusting entry will be 2×2×$210 = $840
What is Accounting Period?
- A set period of time, such as a calendar year or fiscal year, is referred to as an accounting period in which income balance of whole month is calculated.
- It is used for performing, aggregating, and analyzing accounting operations.
- The accounting period is helpful for investing because prospective investors can assess a company's success by looking at its financial statements, which are based on a set accounting period.
What is Month-End Adjusting Entry?
- Month-End Adjusting Entry is a record created at the conclusion of an accounting period that allows an income or expense to be recognized in the timeframe in which it is incurred.
- Accruals, deferrals, and estimations are the three forms of Month-End Adjusting Entry that are most frequently used.
What is Fiscal Year?
- Companies and governments utilize fiscal years, which are one-year periods, for financial reporting and planning.
- The most typical accounting period utilized to create financial statements is a fiscal year.
- A company's fiscal year is based on 3 determining parameters namely financial reports, external audits, and federal tax filings.
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