Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following 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 adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjust- ing entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following 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 adjusts its books monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjust- ing entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Molly Mocha employs one college student every summer in her coffee shop. The student works the five
weekdays and is paid on the following 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 adjusts its books
monthly, if needed, to show salaries earned but unpaid at month-end. The student works the last week of
July, which is Monday, July 28, through Friday, August 1. If the student earns $100 per day, what adjust-
ing entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July?
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