Deng Corporation's fiscal year ends on June 30. Deng also has a policy of paying their weekly payroll every Friday. Payroll records indicate the following salary costs were incurred late in June and early July: 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 payroll on July 2.

Question

Deng Corporation's fiscal year ends on June 30. Deng also has a policy of paying their weekly payroll every Friday. Payroll records indicate the following salary costs were incurred late in June and early July:  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 payroll on July 2.

Quizplus · Accepted Answer

The Answer of Deng Corporation's fiscal year ends on June 30. Deng also has a policy of paying their weekly payroll every Friday. Payroll records indicate the following salary costs were incurred late in June and early July:  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 payroll on July 2.

Deng Corporation's Fiscal Year Ends on June 30