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Assume that the weekly payroll of Blank Canvas Art Supply is $ 360. December​ 31, end of the​ year, falls on​ Tuesday, and Blank Canvas will pay its employee on Friday for the full week. What adjusting entry will Blank Canvas make on​ Tuesday, December​ 31?​ (Use five days as a full​ workweek.)

Respuesta :

Explanation:

The journal entry is shown below:

Salary expense Dr $72

         To Salary payable $72

(Being the salary expense is recorded)

The computation is shown below:

= Weekly payroll ÷ Number of days in a week

= $360 ÷ 5 days

= $72

While recording this adjusted journal entry we debited the salary expense and credited the salary payable

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