We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Wednesday.
Answer:
Salaries Expense 7,080
Salaries Payable 7,080
Accrued salaries [($11,800 ÷ 5 days) × 3 days].