Dresser Company\'s weekly payroll, paid on Fridays, totals $11,000. Employees wo

Question

Dresser Company's weekly payroll, paid on Fridays, totals $11,000. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $11,000 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Date Description/Account Debit Credit Dec. 31 Accounts PayableAccounts ReceivableSalaries ExpenseSalaries PayableCash           Salaries PayableAccounts PayableAccounts ReceivableSalaries ExpenseCash Jan. 2 Salaries PayableSalaries ExpenseAccounts PayableCashAccounts Receivable CashAccounts ReceivableAccounts PayableSalaries ExpenseSalaries Payable          CashSalaries ExpenseAccounts PayableSalaries PayableAccounts Receivable Dresser Company's weekly payroll, paid on Fridays, totals $11,000. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $11,000 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Explanation / Answer

Hi,

Please find the answer as follows:

Per Day Expense = 11000/5 = 2200

Dec 31 Journal Entry:

Salaries Expense (2200*3) Dr. 6600

Salaries Payable Cr. 6600

Jan 2 Journal Entry:

Salaries Expense Dr. 4400
Salaries Payable Dr. 6600
Cash Cr. 11000

Thanks.

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