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.

Zoey Bella Corp. has a payroll of $6,590 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Required:   Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Zoey Bella Corp. General Ledger   ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building   LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable   EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends   REVENUE 41 Fees Earned   EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense Prepare the adjusting entry on…

During the month of January, an employee earned $4,800 of salary. Withholdings from the employee's salary consist of FICA Social Security taxes of $297.60, FICA Medicare taxes of $69.60, federal income taxes of $511.20, and medical insurance deductions of $204.00. Prepare the journal entry to record the employer's salaries expense and related liabilities assuming these wages will be paid in early February. (Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record payroll for period. Note: Enter debits before credits. Date January 31 General Journal Debit Credit >

Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the previous Monday to the end-of-business on Friday, or a 5-day work week. Each employee earns $80 per day. Required: 1. Calculate the total weekly payroll cost and the salary adjustment at March 31, 2016. 2. Prepare the adjusting entry at March 31, 2016. 3. Prepare the subsequent cash entry on April 4, 2016.