Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

A company pays each of its two office employees each Friday at the rate of $240 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:

Sagot :

Debit Salaries Expense $960 and credit Salaries Payable $960.

What is salary expense?

  • Salaries expense is the fixed pay earned by employees.
  • The expense represents the cost of non-hourly labor for a business.
  • It is frequently subdivided into a salaries expense account for individual departments, such as: Salaries expense - accounting department. Salaries expense - engineering department.

Salary expense per employee = $240 per day

Number of employees = 2

Salary expense for 2 days = Salary expense per employee * Number of employees * 2 = $240 * 2 * 2 = $960

Now, calculate salary -

Date   Account title           Debit     Credit

        Salaries expense     $960  

                  Salaries payable             $960

         (To record salaries expense for 2 days)

Learn more about Salary expense brainly.com/question/27297680

#SPJ4

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.