Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday)

Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday). Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Friday. 

Answer:

Salaries Expense 23,000

             Salaries Payable 23,000

               Accrued salaries [($27,600 ÷ 6 days) × 5 days].