1 answer

Garcia Realty Co, pays weekly salaries of $14,500 on Friday for a five-day workweek ending on...

Question:

Garcia Realty Co, pays weekly salaries of $14,500 on Friday for a five-day workweek ending on that day. Joumatre the necessar
PAGE 1 How does grading work? Score: 7/25 ACCOUNTING EQUATION JOURNAL ASSETS CREDIT LIABILITIES EQUITY POST RDF DERIT DESCRIP
Garcia Realty Co, pays weekly salaries of $14,500 on Friday for a five-day workweek ending on that day. Joumatre the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. Refer to the Chart of Accounts for exact wording of accounties.
PAGE 1 How does grading work? Score: 7/25 ACCOUNTING EQUATION JOURNAL ASSETS CREDIT LIABILITIES EQUITY POST RDF DERIT DESCRIPTION DATE 1 Adjusting Entries 2

Answers

JOURNAL ACCOUNTING EQUATION
DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Salaries expense ($14,500/5*3) $    8,700 $   (8,700)
Salaries payable $    8,700 $           8,700
2 Salaries expense ($14,500/5*4) $ 11,600 $ (11,600)
Salaries payable $ 11,600 $        11,600

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