The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the entire week ending on Friday, December 30. The employee earns $800 per day. Complete the necessary December 31 journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Added by Joseph W.
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Step 1: Calculate the total salary expenses for the week. Show more…
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Haricharan G.
A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Debit Unpaid Salaries $1,440 and credit Salaries Payable $1,440. Debit Salaries Expense $960 and credit Salaries Payable $960. Debit Salaries Expense $1,440 and credit Salaries Payable $1,440. Debit Salaries Payable $960 and credit Salaries Expense $960. Debit Salaries Expense $960 and credit Cash $960.
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A company pays its employees $4,250 each Friday, which amounts to $850 per day for the five-day work week that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of salaries earned but unpaid at the end of the accounting period is:______ A. $1,480. B. $2,220. C. $740. D. $3,700. E. $2,960.
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