Vintage Clothing Co. is open for business six days a week. Weekly total salaries of $7,080 are
Question:
Vintage Clothing Co. is open for business six days a week. Weekly total salaries of $7,080 are paid every Monday morning to employees for salary earned during the previous six- day workweek (Monday through Saturday). At year end on July 31, three days remain unpaid. Prepare the journal entries to record the following:
a. the adjusting entry to accrue salaries at year end.
b. the payment of salaries on the first payday after year end.
Step by Step Answer:
a b July 31 Salaries Expense ...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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