Oscar Incorporated has a five-day workweek and pays salaries of $70,000 each Friday. 1. Prepare the adjusting

Question:

Oscar Incorporated has a five-day workweek and pays salaries of $70,000 each Friday.
1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday.
2. Prepare the journal entry to pay the salaries on June 3, including the amount of salaries payable from requirement 1.