EX 3-13 Adjusting entries for accrued salaries

Torrey Realty Co. pays weekly salaries of $9,375 on Friday for a five-day workweek ending
on that day. Journalize the necessary adjusting entry at the end of the accounting period
assuming that the period ends (a) on Tuesday and (b) on Thursday.

Answer:
a. Salary Expense .............................................................. 3,750
                          Salaries Payable....................................................... 3,750
                                      Accrued salaries [($9,375/5 days) × 2 days].

b. Salary Expense .............................................................. 7,500
                          Salaries Payable....................................................... 7,500
                                       Accrued salaries [($9,375/5 days) × 4 days].