Fare Industries pays salaries and wages every two weeks. Salaries and wages amount to $180 a day and the company has a seven-day work week. On July 31, the company pays wages for the two weeks ending July 24 and recorded the related journal entry. The adjusting journal entry, dated July 31, to record unpaid wages and salaries owed since July 25 will include a debit to: Multiple Choice Salaries and Wages Payable and a credit to Cash for $1,260. Salaries and Wages Expense and a credit to Salaries and Wages Payable for $2,520. Salaries and Wages Expense and a credit to Salaries and Wages Payable for $1,260. Salaries and Wages Payable and a credit to Salaries and Wages Expense for $2,520.

Fare Industries pays salaries and wages every two weeks. Salaries and wages amount to $180 a day and the company has a seven-day work week. On July 31, the company pays wages for the two weeks ending July 24 and recorded the related journal entry. The adjusting journal entry, dated July 31, to record unpaid wages and salaries owed since July 25 will include a debit to: Multiple Choice Salaries and Wages Payable and a credit to Cash for $1,260. Salaries and Wages Expense and a credit to Salaries and Wages Payable for $2,520. Salaries and Wages Expense and a credit to Salaries and Wages Payable for $1,260. Salaries and Wages Payable and a credit to Salaries and Wages Expense for $2,520.

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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