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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accrued Wages

Rising Stars Gymnastics pays its hourly employees every Saturday. The weekly payroll for hourly employees is $5,000, and the employees' hours are spread evenly from Monday through Saturday. During the current year December 31 falls on a Wednesday.

Required:

Given this information, determine the adjusting journal entry that Rising Stars must make on December 31.

To determine

Concept introduction:

Liabilities:

Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To prepare:

The Adjusting journal entry as on Dec. 31.

Explanation

The Adjusting journal entry as on Dec. 31 is explained as follows:

Journal Entries
Date Account Titles Debit Credit
Dec...

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