Sanborn Company has 10 employers, who earn a total of $2,400 in salaries each working day....

Sanborn Company has 10 employers, who earn a total of $2,400 in salaries each working day. they are paid on monday for the five day workweek ending on the previous friday

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Sanborn Company has 10 employers, who earn a total of $2,400 in salaries each working day. they are paid on monday for the five day workweek ending on the previous FridayAssume that year ended December 31, is a Wednesday and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is:

Answer is
Since the year ended on Wednesday, 3 day salaries from Monday to Wednesday need to be accrued as they are related to that year
3 days salary would be = 2,400*3	7,200.00

Entry would be
Salaries expense Dr 7,200
To Salaries payable CR 7,200

ekkarill92 answered 2 years ago

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