Solved:
Answered by AI, Verified by Human Experts
The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the entire week ending on Friday, December 30. The employee earns $800 per day.\ Complete the necessary adjusting entry by selecting the account names and dollar amounts from the drop-down menus.
The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the entire week ending on Friday, December 30. The employee earns $800 per day.\ Complete the necessary adjusting entry by selecting the account names and dollar amounts from the drop-down menus.
Answer:Explanation:The question says to complete the necessary adjusting entryWhat is an adjusting entry:An adjusting entry represent an accounting entry passed usually at the end of the accounting year to ensure that accounts following the matching principle. An adjusting entry can further be passed to calculate and bring in respective account balances at the end of the period.Therefore, the required adjusting entry is as follows:Date Particulars Debit CreditDec 30 Salaries expense $4,000Salaries payable a/c $4,000being the record of salaries accrued at the end of the yearNote: Since a day is $800 and there are 5 days, the accrual is $800 x 5 = $4,000...