Question: Question 3 The total weekly payroll for Classic Auto Repairs Ltd. is $8,000 ($1,600perday). The payroll is paid every Saturday for employee salaries earned during


Question 3 The total weekly payroll for Classic Auto Repairs Ltd. is $8,000 ($1,600perday). The payroll is paid every Saturday 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, November3 Prepare the journal entry for payment of the salaries on October 27. (Credit account titles are automatically intended when the amount is entered. Do not indent manualy, If no entry is required, select "No Entry" for the account titles and enter o forti Date Account Titles and Explanation Debit Credit Oct.27 LINK TO TEXT Prepare the journal entry far for the amounts.) adjustment t acr salarics at ctober 31. (Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and ente amounts.j intry for the Date Account Titles and Explanation Debit Oct. 31 Prepare the jounal entry for payment of the salarles on November 3. (Credit account titles are automaticoly Intended when the amount is entered, Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Nov 3
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
