Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on thefollowing Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday,June 8.) The coffee shop makes an adjusting entry each month to show salaries earned but unpaid at month-end. The student worksthe last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $190 per day, what adjusting entry mustthe coffee shop make on July 31 to correctly record accrued salaries expense for July?McGrawHillView transaction listJournal entry worksheet( 1Record the salaries incurred but not yet paid.Note: Enter debits before credits.DateJuly 31Record entryGeneral JournalClear entryDebit< PrevCreditView general Journal2 of 6MacBook AirNext >

Adjusting entry is the one which is reported at the end of the period in order to adjust the…

Answered: es Molly Mocha employs one college…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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David Letterman works in the production department of Northeast Plastics (NEP) as a machine operator. David, a long-time employee of NEP, is paid on an hourly basis at a rate of $24 per hour. David works five 8-hour shifts per week Monday–Friday (40 hours). Any time David works over and above these 40 hours is considered overtime for which he is paid at a rate of time and a half ($36 per hour). If the overtime falls on weekends, David is paid at a rate of double time ($48 per hour). David is also paid an additional $24 per hour for any holidays worked, even if it is part of his regular 40 hours. David is paid his regular wages even if the machines are down (not operating) due to regular machine maintenance, slow order periods, or unexpected mechanical problems. These hours are considered “idle time.” During December David worked the following hours: Included in the total hours worked are two company holidays (Christmas Eve and Christmas Day) during Week 4. All overtime worked by David…
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