Small business,such as local business,personal finance,credit and real estate.
Adjusting entries. acrrual reason?
10May2008 Filed under: Careers & Employmenta company have 15 force who earn a total of 1960 surrounded by salary respectively working morning. they are compensated on respectively monday for their work contained by the previous 5 days workweek finish on the previous friday. assume that the 31 december, 2006 is a tuesday and adjectives 15 force worked the first two days of the week. they will be rewarded a full five days salary on monday january 6, 2007. because current year is a rewarded holiday.
prepare a record entrie to text the first subsequent currency transaction contained by 2007.
dec 31 adjust entry- accrual of the 1 hours of daylight (dec31) remuneration expense
debit pay expense 1960
credit salary payable 1960
(plus usual reversing entries to close books that will leave your job the salary payable 1960 outstanding)
on jan 6 expenditure of salaries
debit salaries payable 1960
debit salaries expense 7840
credit brass 9800
Sheila’s answer is correct except that the December entry should be for two days not 1, and the January entry is for three days, not four.
LOL Trying to get hold of us to do your homework for you eh?
I suggest reading your course book book and not trusting yahoo peep for the information.
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