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Tems11 [23]
3 years ago
9

A company pays each of its two office employees each Friday at the rate of $100 per day each 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: Debit Unpaid Salaries $1,440 and credit Salaries Payable $1,440.
Debit Salaries Expense $960 and credit Salaries Payable $960.

Debit Salaries Expense $1,440 and credit Salaries Payable $1,440.

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

Debit Salaries Expense $960 and credit Cash $960.
Business
1 answer:
MatroZZZ [7]3 years ago
3 0
<h3>Answer:</h3>

Debiting salaries Expense $400 and Crediting Salaries payable $400.

<h3>Explanation:</h3>

We are given;

1 employees earns $ 100 a day

Therefore;

2 employees will earn $ 200 a day

The month ends on Tuesday, but the two employees works on Monday and Tuesday.

  • Therefore, the month-end adjusting entry to record will be the amount earned by the two employees on the two days.

Two employees for 2 days = $200/day × 2 days

                                             = $400

  • But, salary is an expense, and in the accounts an increase in expense account is debited.
  • According to the rule of double entry, an increase in salaries expense decreases the salaries payable. Therefore, we debit salaries expense account and credit salaries payable account.
  • Therefore, the month-end adjusting entry to record the salaries earned but unpaid would be;

    Debiting salaries Expense $400 and Crediting Salaries payable $400.

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