Vintage Clothing Co. is open for business six days a week. Weekly total salaries of $6,000 are
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Monday morning to employees for salary earned during the previous six-day workweek (Monday through Saturday).
The company has a July 31 fiscal year end, which falls on Thursday this year. Salaries were last paid on Monday, July 28 (for July 21 to 26). The next payday is Monday, August 4 (for July 28 to August 2). Prepare the journal entries to record the following:
(a) The payment of salaries on July 28
(b) The adjusting journal entry to accrue salaries at July 31
(c) The payment of salaries on August 4
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Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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