PE 3-6A Adjustment for accrued expense

Stress Free Realty Co. pays weekly salaries of $18,000 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 on Thursday.

Answer:
Salaries Expense ........................................................... 14,400
                     Salaries Payable....................................................... 14,400
                                  Accrued salaries [($18,000/5 days) × 4 days].