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 $230 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal

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 $230 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal

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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