Asked Nov 29, 2019
Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday). Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Friday.

Expert Answer

Step 1

Adjusting entries:

Usually, adjusting entries are needed at the end of every accounting period so that financial statements of the company reveal the ac...

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