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7 March, 12:03

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, July 3. Neat Clothes is now preparing quarterly financial statements for the three months ended June 30. What is the adjusting entry to record accrued salaries at the end of June

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  1. 7 March, 14:58
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    Step-by-step explanation:

    Rationale: Amount accrued: $32,000 x 7/10 = $22,400

    Because we know:

    The current pay period ends on Friday, July 3 Neat Clothes is now preparing quarterly financial statements for the three months ended June 30

    From Friday, June 30 to July 3 is 10 days
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