Question: BE4-6 The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Satur- day for employee salaries
BE4-6 The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Satur- day for employee salaries earned during the same five-day workweek (Monday through Friday, inclusive). Salaries were last paid on Saturday, October 27. This year the company's year end, October 31, falls on a Wednesday. Salaries will be paid next on Saturday, November 3. Prepare the journal entries to record each of the following: (a) Payment of the salaries on October 27 (b) The adjustment to accrue salaries at October 31 (c) Payment of the salaries on November 3
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