Ask Question
16 May, 05:57

A company pays each of its two office employees each Friday at the rate of $210 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: Multiple Choice Debit Salaries Expense $1,260 and credit Salaries Payable $1,260. Debit Salaries Payable $840 and credit Salaries Expense $840. Debit Unpaid Salaries $1,260 and credit Salaries Payable $1,260. Debit Salaries Expense $840 and credit Salaries Payable $840.

+2
Answers (2)
  1. 16 May, 06:03
    0
    Debit Salaries Expense $840

    Credit Salaries Payable $840

    Explanation:

    The are two office employees so 2*210=$420

    To record the month-end salaries of 2 employees which is due but not paid = 420*2 = $840
  2. 16 May, 07:34
    0
    Correct answer is:

    Debit Salaries Expense $840

    Credit Salaries Payable $840

    Explanation:

    2 employees each paid at $ 210 per day so daily salary expense is $210*2 = $420.

    The accounting period ends on Tuesday and both employees work for Monday and Tuesday so the 2 days salaries expense is $420*2 = $840.

    As the salaries are paid on every Friday so there is a liability on a company for the 2 days salary payable to be recorded on accounting period close date i. e Tuesday.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A company pays each of its two office employees each Friday at the rate of $210 per day for a five-day week that begins on Monday. If the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers