Answer to Question #319415 in Accounting for Milan

Question

Windy Harbor Boat Company pays its employees on a weekly basis each Friday. During the week ended Friday, January 3, Year 2, the company had a weekly payroll of $125,750. Assuming that the company is on a calendar basis and that daily wages are always the same, what adjusting journal entry (if any) would be made on December 31, Year 1?

- Debit Salaries Expense $50,300

- Credit Accrued Salaries $50,300

The answer is highlighted. Are there any other journal entries that I need to know for this question? Thank you.

Answer 1

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