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20 October, 10:45

Barans Realty Co. pays weekly salaries of $18,000 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Round your answers to nearest whole dollar.

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  1. 20 October, 14:18
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    Barans Realty Co. Journal entry

    Dr Salary expenses 15,000

    Cr Salary payable 15,000

    Explanation:

    Since Barans Realty Co. pays weekly salaries of $18,000 on Monday for a six-day workweek ending the preceding Saturday in which we have to as well assume that it ended on friday that means (18,000/6 * 5) will give us 15,000, we have to record it by Debiting salary expenses with 15,000 and Crediting salary payable with the same amount
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Home » Business » Barans Realty Co. pays weekly salaries of $18,000 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday.
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