MyEPCC //newconnect.mheducation.com/flow/connect.html Hill Connect G Google Appl
ID: 2590404 • Letter: M
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MyEPCC //newconnect.mheducation.com/flow/connect.html Hill Connect G Google Apple "iCloud D Yahoo D Bing D wikipedia D Fac ebook D Twitter D Linkedin D The Weather Channel D Yelp D T Final-Good Luck! Help Save & Exit Su A company pays each of its two office employees each Friday at the rate of $120 per day for a five-day week that begins on Monday. If the monthly accounting end adjusting entry to record the salaries earned but unpaid is: period ends on Tuesday and the employees worked on both Monday and Tuesday, the month- Multiple Choice Debit Unpaid Salaries $720 and credit Salaries Payaole $720 Debit Salaries Expense $480 and credit Salaries Payable $480. Debit Salaries Expense $720 and credit Salaries Payable $772Explanation / Answer
Weekly salary for 2 employees as per 5 day week
= Number of days x Salary per day x Number of employees
= 5 x $120 x 2
= $ 1,200
So, Salary for 2 days (Monday and Tuesday) for a 5 day period
= Weekly salary x Working days / Total working days in a week
= $ 1,200 x 2 / 5
= $ 480
Journal Entry
Salaries expense $480
Salaries payable $480
(Being salary for 2 days of the week recognized as expense and liability)
The above entry will result in recognition of salary for 2 days as expense and liability in the books of accounts
So, option B is the correct option
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