Ask Question
BusinessBusiness
17 August, 13:58

Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. Refer to the Chart of Accounts for exact wording of account titles.

+5
Answers (1)
  1. 17 August, 14:23
    0
    Solution:

    3,100 / 5 = 620 per day

    So the wages outstanding we need to pay still are the 3 days left in the year (the work was done so we must match the revenues and expenses)

    Wages Expense = 620 * 3 = 1,860

    Wages Payable ... 1,860

    (620 * 3) to accrue wages that have not yet been paid
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Journalize the necessary ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Should companies be held accountable for actions of decades past, then legal but since made illegal, as their harmful effects became known? Why or why not?
Answers (1)
As transparency has increasingly been a factor in health care, which aspects of a true retail market has it impacted?
Answers (1)
Assume the following cost of goods sold data for a company: 2016 $1,704,000 2015 1,400,000 2014 1,200,000 If 2014 is the base year, what is the percentage increase in cost of goods sold from 2014 to 2016? a. 70.4% b. 42% c. 85.7% d. 117%
Answers (1)
You purchased one July futures contract of pork bellies at $.59 per lb. One contract represents 40,000 lbs. of pork bellies. By the end of the day, the price had fallen to $.57 per lb. How much did the value of your contract change during the day?
Answers (1)
What is an example of a government limit on the use of business property?
Answers (1)
New Questions in Business
Answer the following statement true (T) or false (F) : Mark is a cash basis taxpayer. He is a partner in the M & M partnership, and his share of the partnership's profits for 2019 is $90,000.
Answers (1)
A supermarket manager schedules the workers in the supermarket to ensure that enough cash register clerks are available at different times during the day to handle the expected demand from customers.
Answers (1)
Influenza occurs on an annual basis in the United States, with case counts generally peaking during the colder months of the year. In 2011, the approximate influenza case count in the US was 9,000,000.
Answers (1)
Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometers. Ignore GST.
Answers (1)
112 days equals how many weeks
Answers (2)
Home » Business » Ski Master Company pays weekly salaries of $3,100 on Friday for a five-day week ending on that day. Required: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.
Sign Up Forgot Password?