Callison Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred. The company also purchased a used car at the beginning of the month (June 1) for $6,000 cash. The car has a useful life of 5 years.
Instructions
a. Prepare any necessary adjusting journal entries that should be made at year end on June 30.
b. Prepare the journal entry to record the payment of the weekly payroll on July 2.

Question

Callison Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.  The company also purchased a used car at the beginning of the month (June 1) for $6,000 cash. The car has a useful life of 5 years.
Instructions 
a. Prepare any necessary adjusting journal entries that should be made at year end on June 30.
b. Prepare the journal entry to record the payment of the weekly payroll on July 2.

Quizplus · Accepted Answer

The Answer of Callison Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.  The company also purchased a used car at the beginning of the month (June 1) for $6,000 cash. The car has a useful life of 5 years.
Instructions 
a. Prepare any necessary adjusting journal entries that should be made at year end on June 30.
b. Prepare the journal entry to record the payment of the weekly payroll on July 2.

Callison Company Has an Accounting Fiscal Year Which Ends on June