Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $230 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $230 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5PA
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Outstanding or Accrued salaries are the expenses that have been occurred and earned by employees but not paid yet.
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