A company has four employees each who earn $155 a day. They work Monday through Friday and are paid at the end of the day on Friday of each five-day work week. September 30 falls on a Wednesday, which means that the employees had worked three days since the last payday. The next payday is October 2. Prepare the September 30 adjusting journal entry. 

Prepare the entry to record the payment of the October 2 payroll, including the accrued expenses. Assume the company does NOT use reversing entries.

Answer rating: 100% (QA)

Adjusting Journal Entry on September 30 On September 30 the company needs to accrue the unpaid wages ... View the full answer