PE 3-6B Adjustment for accrued expense

ABC Realty Co. pays weekly salaries of $34,500 on Monday for a six-day workweek ending
the preceding Saturday. Journalize the necessary adjusting entry at the end of the
accounting period assuming that the period ends on Wednesday.

Answer:
Salaries Expense ........................................................... 17,250
                     Salaries Payable....................................................... 17,250
                               Accrued salaries [($34,500/6 days) × 3 days].