We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day

We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Wednesday.

Answer:

Salaries Expense 7,080

            Salaries Payable 7,080

              Accrued salaries [($11,800 ÷ 5 days) × 3 days].