Question

hi please answer all the question this is the third time im posting the same question.

Show Me How eBook Calculator Adjusting Entries for Accrued Salaries Garcia Realty Co. pays weekly salaries of $22,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday. Salaries Expense 22,000 Salaries Payable 22,000 b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Tuesday. Salaries Expense 3,970 Salaries Payable 3,970

Answer 1

(a)-The adjusting journal entry at the end of the accounting period assuming that the period ends on Monday (Accrued salary for 1 Day)

Account Tittles and Explanations	Debit ($)	Credit ($)
Salaries Expenses A/c	4,400
To Salaries Payable A/c		4,400
[Entry to record the accrued salary expense for 1 day, ($22,000 / 5 Days) x 1 Day]

(b)-The adjusting journal entry at the end of the accounting period assuming that the period ends on Tuesday (Accrued salary for 2 Days)

Account Tittles and Explanations	Debit ($)	Credit ($)
Salaries Expenses A/c	8,800
To Salaries Payable A/c		8,800
[Entry to record the accrued salary expense for 1 day, ($22,000 / 5 Days) x 2 Days]