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ACCOUNTING HOMEWORK HELP PLEASE?
Oceanside Realty Co. pays weekly salaries of $3,700 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on a Wednesday, (b) on Thursday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
I get the general gist... I'm having a lot of trouble with it though :( I'd really appreciate some help.
Please and thank you.
1 Answer
- JKRBLv 71 decade agoFavorite Answer
What is the adjustment at the end of the accounting period, assuming that the period ends
(a) on a Wednesday,
Three days of wages accrued but not yet paid
3,700 x 3/5 = 2,220
Dr Wages Expense 2,220
Cr Wages Payable 2,220
(b) on Thursday?
Four days of wages accrued but not yet paid
3,700 x 4/5 = 2,960
Dr Wages Expense 2,960
Cr Wages Payable 2,960
