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7 September, 17:11

Beanie works for the bean counter and gers paid $500 every friday for work done from onday to friday. Assume that the company's financial year end (12/31) falls on a thursday. Whats the adjusting entry on 12/31?

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  1. 7 September, 17:22
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    Dr salaries and wages $23500

    Cr Bank $23500

    Explanation:

    500*4=$2000 a month

    $2000*11=$22000

    500*3 = $1500 (for 3weeks)

    22000+1500=$23500

    The adjusting entry on 12/31 is:

    Dr salaries and wages $23500

    Cr Bank $23500
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