accounting 2010 - financial accounting homework for week 6 due at start of class on tuesday, october 14 name…

accounting 2010 - financial accounting homework for week 6 due at start of class on tuesday, october 14 name cylin cere company a hires an employee named janet on june 10, and she will be paid a salary of $1400 per week, with payment made every two weeks. janet starts work on june 15, and her first 2 - week paycheck will be on june 28 for $1,400 cash. assume that janet works every day of the week. 1. what journal entry would be required at the time of hire on june 10? 6 - 10 dr cr 2. what journal entry would be required on june 28, when janet receives her first paycheck for $1,400? 6 - 28 dr cr

accounting 2010 - financial accounting homework for week 6 due at start of class on tuesday, october 14 name cylin cere company a hires an employee named janet on june 10, and she will be paid a salary of $1400 per week, with payment made every two weeks. janet starts work on june 15, and her first 2 - week paycheck will be on june 28 for $1,400 cash. assume that janet works every day of the week. 1. what journal entry would be required at the time of hire on june 10? 6 - 10 dr cr 2. what journal entry would be required on june 28, when janet receives her first paycheck for $1,400? 6 - 28 dr cr

Answer

Explanation:

Step1: Journal entry on June 10

On June 10, when Janet is hired, no transaction has occurred yet in terms of financial impact on the company's accounts. So, no journal - entry is required. No entry

Step2: Journal entry on June 28

When Janet receives her paycheck of $1400 on June 28, the company is incurring a salary expense and paying out cash. The salary expense account is debited to record the cost, and the cash account is credited as cash is being paid out. Dr. Salaries Expense $1400 Cr. Cash $1400

Answer:

  1. No entry
  2. Dr. Salaries Expense $1400 Cr. Cash $1400