Question
Exercise#14-ACCRUED EXPENSES: Dune Corporation pays its employees $1,000 per Tive-day work week on Fridays. June 30...
Exercise#14-ACCRUED EXPENSES: Dune Corporation pays its employees $1,000 per Tive-day work week on Fridays. June 30 falls on a Thursday; financial statement will be prepared that day. Instructions: A. What is the adjusting entry for the accrual of salaries and wages for the last week of the month of June? B. What is the journal entry for the payment of salaries and wages on July 1?
Answers
Solution: debit credit 800 No. Date Account title A June 30. Salaries and wages expense Salaries and wages payable (1000*4/5) 800 B July 1. Salaries and wages expense=1000*1/5 Salaries and wages payable Cash 200 800 1000
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