Adjusting entries
Not what you're looking for?
(See attached file for full problem description)
P2-4A A review of the ledger of Greenberg Company at December 31, 2002, produces the
following data pertaining to the preparation of annual adjusting entries.
1. Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for
the current week. Five employees receive a salary of $750 each per week, and three employees
earn $500 each per week. December 31 is a Tuesday. Employees do not work weekends.
Purchase this Solution
Solution Summary
The solution explains how to make the adjusting journal entries based on the period end details.
Solution Preview
1. Salaries Payable
The total salary is 750X5+500X3=$5,250 per week ( for 5 days). Dec 31 is a tuesday, so we need to account for 2 days of salary. This is 5250/5 X 2 =$2,100
The adjusting entry is
Salary Expense Dr 2,100
Salalry Payable Cr 2,100
2. The Nov 1 contract has run for 2 months ...
Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media