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Ski Master Company pays weekly salaries of $3,600 on Friday for a five-day week ending on...


Ski Master Company pays weekly salaries of $3,600 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.

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Answer #1

Journal Entry:

Date Account Name Debit Credit
1. Salaries Expense $2160
Salaries Payable $2160

Working:

1) Per day Salary:

= $3600÷5 day

= $ 720 per day

2) Salary till wednesday:

= $720 × 3 days ( Mon - Wed)

= $2160

3) If accounting period ends on wednesday we have to record salaries till wednesday only.

4) Therfore above adjusted entry is required.

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