There are 11 employees working for Seaside Sales. They are paid every second Mon

Question

There are 11 employees working for Seaside Sales. They are paid every second Monday for 10 workdays ending the preceding Friday. The total for all employee salaries is $19,800. Seaside Sales's employee's were last paid on Monday May 30, 2011, and will be paid again on Monday June 13, 2011.


Fill in the journal below to reflect
a.The accrued adjustment on May 31
b.The transaction on the June 13 payday.

Enter the transaction letter (a) or (b) as the description. Dates must be entered in the format dd/mmm (ie. 15/Jan.).

Explanation / Answer

For 10 days, Salary is $19800 So for 1 day, Salary is 19800/10 = 1980 Remaing 9 days, Salary is 19800-1980 = 17820 a. 31 May Salary Exp Dr 1980 Salary Payable Cr 1980 The accrued adjustment on May 31 for Salary due for 1 day b. 13 Jun Salary Payable Dr 1980 Salary Exp Dr 17820 Cash Cr 19800 Payment of Salary of 13 Jun.

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