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Not syncing Calculator Print Item Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30. Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. Dec. 31

Not syncing Calculator Print Item Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30. Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. Dec. 31

FINANCIAL ACCOUNTING
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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**Problem Statement:** Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30: **Task:** Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. **Table Entry:** - **Date:** Dec. 31 - **Debit:** [ ] - **Credit:** [ ] (Note: The above table entry is left blank for students to fill in based on the problem statement.) **Additional Information:** - This assignment is part of Assessment Ch 3-4, which is due on 10/28/20 at 11:55 PM.
Transcribed Image Text:**Problem Statement:** Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30: **Task:** Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. **Table Entry:** - **Date:** Dec. 31 - **Debit:** [ ] - **Credit:** [ ] (Note: The above table entry is left blank for students to fill in based on the problem statement.) **Additional Information:** - This assignment is part of Assessment Ch 3-4, which is due on 10/28/20 at 11:55 PM.
**Biweekly Salary Expense Journal Entry Example** **Scenario:** Bloom’s Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last pay period ended on December 27. Assuming the next pay period begins on Monday, December 30. **Task:** Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. **Journal Entry Template (Date: Dec. 31):** | Account | Debit ($) | Credit ($) | |-----------------------|-----------|------------| | Salary Expense | | | | Salary Payable | | | | Accounts Payable | | | | Accumulated Depreciation| | | | Cash | | | **Explanation:** - Use the provided template to record the necessary salary-related entries. - Consider prorating the salaries for the days worked from December 30 to December 31. This helps accurately reflect expenses incurred during the period. *Note: Only relevant accounts will require entries based on salary expenses and payables.*
Transcribed Image Text:**Biweekly Salary Expense Journal Entry Example** **Scenario:** Bloom’s Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last pay period ended on December 27. Assuming the next pay period begins on Monday, December 30. **Task:** Journalize the adjusting entry necessary at the end of the fiscal period (December 31). If an amount box does not require an entry, leave it blank. **Journal Entry Template (Date: Dec. 31):** | Account | Debit ($) | Credit ($) | |-----------------------|-----------|------------| | Salary Expense | | | | Salary Payable | | | | Accounts Payable | | | | Accumulated Depreciation| | | | Cash | | | **Explanation:** - Use the provided template to record the necessary salary-related entries. - Consider prorating the salaries for the days worked from December 30 to December 31. This helps accurately reflect expenses incurred during the period. *Note: Only relevant accounts will require entries based on salary expenses and payables.*
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