Adjusting entries for accrued salaries Garcia Realty Co. pays weekly salaried of $17,250 on Friday for a five-dayworkweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (A)on Wednesday and (B) on Thursday

Question

Adjusting entries for accrued salaries

Garcia Realty Co. pays weekly salaried of $17,250 on Friday for a five-day
workweek ending on that day. Journalize the necessary adjusting entry

at the end of the accounting period, assuming that the period ends (A)
on Wednesday and (B) on Thursday

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Trial Balance and Adjustement Entries

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: INFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction...

A: Transaction processing is a method of computing that breaks down work into discrete, indivisible act...

Q: 2.The following information is from Dejlah, Inc.s, financial statements. Sales (all credit) were AED...

A: Balance sheet refers to one of those financial statement which reflects the financial stability and ...

Q: A company enters into a contract to build a factory for a customer. The agreed price is P2M and the ...

A: Answer - Expected Value of the Transaction Price of the Contract -  The Expected Value of Transactio...

Q: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts...

A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

Q: Hi what is the importance of accounting?

A: Accounting principles are a set of general rules and recommendations that businesses must follow whi...

Q: Select company data: Net Accounts Receivable = $278,000 Total Number of Claims Denied = 1,500 Averag...

A: Revenue Cycle While considering the revenue cycle management in medical field it is necessary that t...

Q: Bonuses to the old partners arise under each of the following circumstances, except:  a. Agreed bonu...

A: A partnership seems to be a commercial entity composed of two or even more combined owner who have j...

Q: What means ISA200 and ethical requirements relating to an audit of financial statements?

A: Ans. The International Standards Board provides regulations on the conduct of audit. An auditor must...

Q: At the end of November 2016, Caribbean Productions Ltd had 700 units of product BMR400 in store. For...

A: No. of units to be sold = beginning units + production - ending units = 700+10500-1100 = 10100 Units

Q: Income statementThe revenues and expenses of Sentinel Travel Service for the year ended August 31,20...

A: Income statement is the statement which is prepared to present the financial performance of a firm d...

Q: Which of the following are traded in money markets? banker’s acceptances all Treasury securities co...

A: Money market instrument means those instrument which are issued in money market and generally for sh...

Q: 

A: Custom brokers help the exporters as well as importers in requirements laid down by the govts in res...

Q: What was the balance in C's Capital account at the end of the second year?

A: In the given question three partners are there: N, A and C. Wherein teir opening capital, profit and...

Q: N, BEH and SAD partnership became insolvent and the partnership is being quidated as soon as feasibl...

A: Partnership is an arrangement where two or more partners with a similar interests join together and ...

Q: Relevant range and fixed and variable costsVogel Inc. manufactures memory chips for electronic toys ...

A: Click to see the answer

Q: Can you please help me with this one by giving a detailed solution? Perhaps if you could, please exp...

A: A partnership is a form of business that is carried on by two or more people to share profits and lo...

Q: First National Bank charges 13.5 percent compounded monthly on its business loan. First United Bank ...

A: Effective annual rate (EAR) can be defined as the rate that takes the periodic rates and then it con...

Q: Please help me with this, I am stuck. Thank you!

A: Partnership is an arrangement where two are more persons come together with similar interests by con...

Q: Present value of an annuityOn January 1 you win $50,000,000 in the state lottery. The $50,000,000 pr...

A: The present value of an annuity represents the present worth of the money to be received in future. ...

Q: What distinguishes a retail business with the services business?

A: Retail business and Service business are two types of business, in which one provides goods for use ...

Q: Adjusting entriesCrazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared thefo...

A: Click to see the answer

Q: 9:07 A docs.google.com إجابتك نقطة واحدة Mohammed his homework .1 -yet hasn't finished Finished has ...

A: The questions are multiple choice questions and related to complete sentences.

Q: You have just made your first $5,200 contribution to your retirement account. Assume you earn a retu...

A: Time value of money is a concept which states that the worth of one unit of currency today is higher...

Q: How do you find the ending work in process inventory?

A: Raw material means the material purchased and still not enter in to the production lines. Work in pr...

Q: Fair value journal entries, trading investmentsThe investments of Charger Inc. include a single inve...

A: Journal entry is a primary entry that records the financial transactions initially.  

Q: Financial statements and closing entriesFoxy Investigative Services is an investigative services fir...

A: Income Statement, Statement of shareholders equity and Balance Sheet are important financial stateme...

Q: riable costs per unit: Manufacturing: Direct materials Direct labor 12 Variable manufacturing overhe...

A: Answer: Contribution margin per unit= $46- (20+12+7+3)= $4 per unit 2-b- Variable costing income sta...

Q: Princess company shall record the asset received at?Sarah Company shall record the asset received at...

A: Solution:- Princess company shall record the asset received at as follows under:-  

Q: The contribution margin ratio is 20% for Grain Company and the break-even point in sales is $200,000...

A: To arrive at a contribution margin (CM), an income statement with variable costs deducted from sales...

Q: Cash Budgeting Dorothy Koehl recently leased space in the Southside Mall and opened a new business, ...

A: It is given that purchases are paid in the following month, which means purchases which are made in ...

Q: Senior management of Telemark Skiing Ltd wishes to capitalise $2 650 000 in ski-hill improvement cos...

A: The financial position of the company can be arrived from the income statement prepared by the manag...

Q: Show the solution in good accounting form

A: Partnership means where two or more person comes together to do some common business activity and ea...

Q: Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have alr...

A: Answer : The activity rate for the Supervising activity cost pool under activity-based costing is cl...

Q: an. 1 Inventory 7 units at $25 $175 ug. 7 Purchase 20 units at $27 540 Dес. 11 Purchase 10 units at ...

A: a. FIFO: Inventory cost = 10 units from Dec 11 + 6 units from August 7 = 10*29 + 6*27  = $452    

Q: Sales-related transactions using perpetual inventory systemThe following selected transactions were ...

A: Inventories can be valued using either the periodic inventory method or the perpetual inventory meth...

Q: The following sales information was extracted from the books of APEX Ltd during 2020. The company pr...

A: Given:

Q: Korina Company manufactures products from S and T from a joint process. The sales value at split of ...

A: The question is related is calculation of Joint cost. The joint cost will be allocated at sales valu...

Q: Date Share Changes Shares Outstanding January 1 Beginning balance 210 000 April 1 Issued 27 000 shar...

A: Dates          Calculation             No. Of Shares Jan - Apr     210000 x 3/12             52500 A...

Q: What was the balance in C's Capital account at the end of the second year?

A: Profit & Loss Appropriation A/c (1st Year) Particulars  Amount  Particulars  Amount  To Net...

Q: Don Beldon earns $7.50/hour, and worked 43 hours during the most recent week. He participates in a c...

A:         The tax withholding is recognized into types of withholding by the employer : Federal Withho...

Q: In not more than 100 words, explain the interrelation of accounting to business software application...

A: There is a strong relationship between accounting and business software applications. Today the acco...

Q: Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of ...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Problem 5Brother and Sister are partners who are changing their profit and loss ratios from 60:40 to...

A: It is assumed that the book value of the land after 2 years is the same as the market value of the l...

Q: On 1 July 2021, Xero Ltd acquired 90% of the issued shares of Accounting Ltd for $750,000 when the e...

A: In the acquisition analysis, the fair value of identifiable net assets, non-controlling interest, an...

Q: Describe the nature of the assets that compose the following .sections ofa balance sheet: (a) curren...

A: Balance sheet is very important financial statement which shows position of all assets and liabiliti...

Q: On January 1, 2016, Marissa Company acquired 25% of the outstanding shares of an investee at a total...

A:               When an entity invests in another entity, the treatment of investment value in the inc...

Q: Compute the following ratios and measurement for 2020 a. Rate of return on invested capital b. Cash ...

A: Formula:

Q: 5

A: Given Information: Joe company is a parent company with 80% holding in Steve company. Steve company...

Q: Sales and notes receivable transactionsThe following were selected from among the transactions compl...

A: Journal entry is the process of recording the business transactions in the books of accounts for the...

Q: Use of company records would be an example of using __________ data.

A: Explanation and answer is given below,