Ask Question
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