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Question 3.6: Adjustment for Accrued Expense Sanregret Realty Co. pays wee......

Adjustment for Accrued Expense

Sanregret Realty Co. pays weekly salaries of $12,500 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday.

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Salaries Expense …………………………………………………………………….      10,000

Salaries Payable ………………………………………………………………………                            10,000

Accrued salaries [($ 12,500/5 days) × 4 days].

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