Ndege's employee is paid $2000 a week for a 5-day work week. Payday is every Friday....

Ndege's employee is paid $2000 a week for a 5-day work week. Payday is every Friday.
The last day of the accounting period is on a Monday. Record the appropriate
adjusting entry.

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Expert Solution

Answer)

Journal Entry

Account Titles and Explanation	Debit	Credit
Salaries Expense	$400
Salaries Payable		$400
(To record Salary Payable)

Working Note:

As specified in the question, salary for a 5-day work week is paid on every Friday. It implies that the work week is from Monday to Friday. In the given question, the last day of accounting period is on a Monday. Accordingly, the salary expense for one work day (i.e. Monday) remained unpaid on the last day on accounting period and is thus recognized as Salary Payable.

Amount of Salary Payable = (Salary for the week X number of days worked)/ Total number of work days in the week

= ($ 2,000 X 1 day)/ 5 days

= $ 400.

ekkarill92 answered 1 year ago

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