Cambridge Ltd has an accounting financial year which ends on 30 June. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.
(a) Prepare any necessary adjusting journal entries that should be made at year ended on 30 June.
(b) Prepare the journal entry to record the payment of the weekly payroll on 2 July.

Question

Cambridge Ltd has an accounting financial year which ends on 30 June. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.
  (a) Prepare any necessary adjusting journal entries that should be made at year ended on 30 June.
(b) Prepare the journal entry to record the payment of the weekly payroll on 2 July.

Quizplus · Accepted Answer

The Answer of Cambridge Ltd has an accounting financial year which ends on 30 June. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.
  (a) Prepare any necessary adjusting journal entries that should be made at year ended on 30 June.
(b) Prepare the journal entry to record the payment of the weekly payroll on 2 July.

Cambridge Ltd Has an Accounting Financial Year Which Ends on 30