Adjusting Entry for Accrued Salaries
Not what you're looking for?
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?)
Purchase this Solution
Solution Summary
The solution explains the adjusting entry for Accrued Salaries.
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 ...
Purchase this Solution
Free BrainMass Quizzes
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.