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3 November, 11:39

For each of the following, journalize the necessary adjusting entry. (a) A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Wednesday, (2) on Thursday.

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  1. 3 November, 11:55
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    Part 1:

    Account Debit Credit

    Salary Expense $9,000

    Salary Payable $9,000

    Part 2:

    Account Debit Credit

    Salary Expense $12,000

    Salary Payable $12,000

    Explanation:

    Part 1:

    Wednesday (3rd day of the week)

    Salary of week = $15,000

    Salary of each day=$15,000/5

    Salary of each day=$3,000

    Salary on Wednesday=$3,000*3

    Salary on Wednesday=$9,000

    Journal Entry:

    Account Debit Credit

    Salary Expense $9,000

    Salary Payable $9,000

    Part 2:

    Salary of week = $15,000

    Salary of each day=$15,000/5

    Salary of each day=$3,000

    Salary on Wednesday=$3,000*4

    Salary on Wednesday=$12,000

    Journal Entry:

    Account Debit Credit

    Salary Expense $12,000

    Salary Payable $12,000
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