Answer:
JOURNAL ENTRY
Dr Weekly Salary..............9,100
Cr. Accrued Salaries........................9,100
Explanation:
a. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Monday.
The week ending on Monday implies that there would be one day weekly salary unpaid which 45,500 / 5 = $9,100
JOURNAL ENTRY
Dr Weekly Salary..............9,100
Cr. Accrued Salaries........................9,100
Being one day of weekly salaries accrued but unpaid at the end of the period
b. Journalize the necessary adjusting entry at the end of the accounting period assuming that the period ends on Thursday.
The week ending on Thursday implies that there would be four days weekly salary unpaid which (45,500 / 5) x 4 days = $9,100 x 4 = $36,400
JOURNAL ENTRY
Dr Weekly Salary..............36,400
Cr. Accrued Salaries........................36,400
Being four days of weekly salaries accrued but unpaid at the end of the period.
