Explore BrainMass

Explore BrainMass

    Adjusting Entry for Accrued Salaries

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Hasterson has a five-day workweek and pays salaries of $70,000 each Friday.

    1. Make the adjusting entry required on July 31, assuming that August 1 falls on a Wednesday.

    2. Make the entry to pay the salaries on August 3.

    (Could you check the attachment to see if I have entered the journal correctly?)

    © BrainMass Inc. brainmass.com June 3, 2020, 7:07 pm ad1c9bdddf
    https://brainmass.com/business/accounting/adjusting-entry-accrued-salaries-86585

    Attachments

    Solution Preview

    The salaries of $70,000 are paid every week. The last salary would be paid on July 27. The next paycycle will start from July 30 which is a Monday. So for month of July the pending payment will be for 2 days July 30 and July 31. The ...

    Solution Summary

    The solution explains the adjusting entry for Accrued Salaries.

    $2.19

    ADVERTISEMENT