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21 May, 14:49

Record the necessary entries in the Journal Entry Worksheet below

a. Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2015, and employees are paid $5,600. Record the adjusting entry on December 31, 2015.

b. Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2015, and employees are paid $5,600. The next two-week pay period ends on January 11, 2016, and employees are paid $5,600. Record the payment of salaries.

c. Calculate the 2015 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2015 is $0).

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Answers (1)
  1. 21 May, 16:45
    0
    The journal entries are shown below:

    1. Salaries expense A/c Dr $1,200 ($400 * 3 days)

    To Salary payable A/c Dr $1,200

    (Being the accrued salary is recorded)

    The 3 days are calculated from December 28 to December 31

    2. Salaries expense A/c Dr $4,400 ($400 * 11 days)

    Salary payable A/c Dr $1,200

    To Cash A/c $5,600

    (Being the payment is recorded)

    3. Now the adjusted balance of Salaries Payable is

    = Salaries Payable before adjustment in 2015 + Adjusted balance

    = $0 + $1,200

    = $1,200
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Home » Business » Record the necessary entries in the Journal Entry Worksheet below a. Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2015, and employees are paid $5,600.
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