Question: The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Saturday for employee salaries earned during

The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). 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, September 25. This year the companys year-end, September 30, falls on a Thursday. Salaries will be paid next on Saturday, October 2. Prepare journal entries for each of the following dates:

(a) Payment of the salaries on September 25

(b) The adjustment to accrue salaries at September 30

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

(LO 3) (Prepare transaction and adjusting entries for salaries.) The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Saturday for employee...

The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Monday for employee salaries earned during the previous five-day workweek (Monday through...

TranscribedText: Selected transactions for Ivanhoe Ltd. during its first month of operations are presented below: Mar. 2 Issued commonshares for $11,500 cash. 4 Purchased used car for $1,900 cash and...

BE 4 . 7 ( LO 3 ) ( Prepare transaction and adjusting entries for salaries. ) The total weekly payroll for Classic Auto Repairs Ltd . is $ 5 , 0 0 0 ( $ 1 , 0 0 0 per day ) . The payroll is paid...

The total weekly payroll for Classic Auto Repairs Ltd. is $10,000 ($2,000 per day). The payroll is paid every Saturday for employee salaries earned during the same five-day workweek (Monday through...

FULL SCREEN BACK f Exercise 4-6 (Part Level Submission) total weekly payroll for Classic Auto Repairs Ltd. is $16,000 ($3,200 per day). The payroll is paid every Saturday for employee salaries earned...

please answer this, only have 25 minutes so please be quick! thank you there are 3 parts! The total weekly payroll for Spruce Auto Repairs Ltd. is $4,750 ($950 per day). The payroll is paid every...

When an MNC restructures its operations to reduce its economic exposure, it may sometimes forgo economies of scale. Explain.

Writing Improvement Exercises: Message Openers Your Task. Revise the following e-mail and memo openers so that they are more direct. a. A memo announcing a new procedure: It has come to our attention...

A significant feature of municipal bonds is that: they must have maturities of at least 1 0 years. they pay interest to investors which is exempt from Federal income tax. they typically do not pay...

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

3. Imagine that, as an employer, you were no longer able to pay your staff. How would you motivate them?

4. What can an organisation do to ensure that its workers are fully engaged?

1. How might volunteering help the employer and the employee?