Question: Molly Mocha employs one college student every summer in her
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July—Friday is August 1. If the student earns $100 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
Answer to relevant QuestionsThe following information is taken from Camara Company’s unadjusted and adjusted trial balances. Given this information, which of the following is likely included among its adjusting entries? a. A $400 debit to Insurance ...Key figures for the recent two years of both Apple and Google follow. Required 1. Compute profit margins for (a) Apple and (b) Google for the two years of data shown. 2. Which company is more successful on the basis of ...List the following steps of the accounting cycle in their proper order. _________ a. Posting the journal entries. _________ b. Journalizing and posting adjusting entries. _________ c. Preparing the adjusted trial ...Review this chapter’s opening feature involving Adrien Edwards and his The Naked Hippie business. 1. Explain how a classified balance sheet can help Adrien know what bills are due when and whether he has the resources to ...Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. On August 31, 2014, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August ...
Post your question