Question: How do you journal entry the following? Background information: The company is a chain of retail stores that has been in business for 20 years.

How do you journal entry the following?

Background information: The company is a chain of retail stores that has been in business for 20 years. The company has a December 31 fiscal year end.

TRANSACTION: In the company all employees are salaried workers. They are paid monthly wages on the 16th of each month. Today (which is July 16) the company paid employees salaries for June 16-July 15. HINT: THINK ABOUT THE ACCRUAL THAT WOULD HAVE BEEN MADE ON JUNE 30TH.

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