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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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zainsubhani

Answer:

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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