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    Adjusting Entry for Accrued Salaries

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    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?)

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    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 ...

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    The solution explains the adjusting entry for Accrued Salaries.