23 March, 18:06

# A business pays weekly salaries of \$30,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday isA business pays weekly salaries of \$30,000 on Friddebit Salaries and Wages Expense, \$24,000; credit Salaries and Wages Payable, \$24,000.debit Salaries and Wages Expense, \$6,000; credit Salaries and Wages Payable, \$6,000.debit Salaries and Wages Payable, \$24,000; credit Cash, \$24,000.debit Salaries and Wages Expense, \$24,000; credit Cash, \$24,000

+5
1. 23 March, 19:57
0
debit Salaries and Wages Expense, \$24,000; credit Salaries and Wages Payable, \$24,000.

Explanation:

The journal entry is shown below:

Salaries and Wages Expense A/c Dr \$24,000

To Salaries and Wages Payable \$24,000

(Being salary and wages is adjusted)

The computation is shown below:

Five day salary = \$30,000

Per day salary = \$30,000 : 5 days = \$6,000

Now Monday to Thursday salary i. e 4 days salary = \$6,000 * 4 days = \$24,000