total weekly salaries expense for all employees is $13,000. this amount is paid at the end of the day on…
total weekly salaries expense for all employees is $13,000. this amount is paid at the end of the day on friday of each five - day workweek. april 30 falls on tuesday, which means that the employees had worked two days since the last payday. the next payday is may 3. prepare the required adjusting entry, if note: enter debits before credits. date general journal debit credit april 30
Answer
Explanation:
Step1: Calculate daily salary expense
The total weekly salary expense is $13,000 for a 5 - day workweek. So the daily salary expense is $\frac{13000}{5}=2600$.
Step2: Determine the accrued salary expense
Since employees worked 2 days from the last payday until April 30, the accrued salary expense is $2600\times2 = 5200$.
Step3: Record the adjusting entry
The adjusting entry on April 30 will debit Salaries Expense (to recognize the expense for the current period) and credit Salaries Payable (to record the liability for the unpaid salaries).
Answer:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| April 30 | Salaries Expense | $5200$ | |
| April 30 | Salaries Payable | $5200$ |