Garcia Realty Co. pays weekly salaries of $19,250 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday.

At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to its employees for work that the employees performed during the last pay period of the fiscal year. The wages will be paid after year end.   Provide the journal entry that would be necessary to record the transaction.

At Bramble Company, employees are entitled to one day’s vacation for each month worked. In January, 70 employees worked the full month. Record the vacation pay liability for January, assuming the average daily pay for each employee is $120. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to 0 decimal place, eg. 2500.) Date Account Titles and Explanation Debit Credit Jan. 31

Laguna Realty Co. pays weekly salaries of $5,900 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends (a) on Monday or (b) on Wednesday? Indicate whether each account is increased or decreased, and the amount of the increase or decrease.

Aspen Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Aspen Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Aspen Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Dec. 31 Cash Prepaid Salaries Revenues Salaries Expense Salaries Payable Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 7. Print Done X