Asked by Michelle Marquez on Jul 17, 2024
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Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday. 
Payroll
Payroll is the total sum of all compensation a business must pay to its employees for a set period or on a given date, including salaries, wages, bonuses, deductions, and withholdings.
Adjusting Entry
A journal entry made in accounting to update the balances of accounts at the end of an accounting period.
Workweek
A fixed time period, typically structured from Monday to Friday, used to calculate hours worked and wages for employees.
- Capture and recognize the adjustment transactions for revenues that are accrued but not yet collected, and expenses that are incurred but not yet settled.
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Learning Objectives
- Capture and recognize the adjustment transactions for revenues that are accrued but not yet collected, and expenses that are incurred but not yet settled.
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