The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is
Question:
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 Friday, inclusive). Salaries were last paid on Monday, November 28. This year the company's year end, November 30, falls on a Wednesday. Salaries will be paid next on Monday, December 5.
Prepare the journal entries to record each of the following:
(a) Payment of the salaries on November 28
(b) The adjustment to accrue salaries at November 30
(c) Payment of the salaries on December 5
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a Nov 28 Salaries Expense 5000 Cash 5000 b Nov 30 Sa...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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