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
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 ...
The solution explains the adjusting entry for Accrued Salaries.