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Topic: Technology
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Date added: March 22, 2002
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What entry does SuCo record on December 31? SOLUTION 2: On December 31, SuCo records the following adjusting entry: Telephone Expense 740 Telephone Payable 740 To accrue telephone expense PROBLEM 3: RaCo pays employees weekly on Friday. But 19X7 ends on a Wednesday. If, for the last week of the year, gross payroll is $10,000, how much does RaCo accrue for salary expense? SOLUTION 3: RaCo must accrue 19X7 salary expense for 3 of the 5 days, Monday, Tuesday, and Wednesday, which is 60% (3/5) of the week...
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If, for the last week of the year, gross payroll is $10,000, how much does RaCo accrue for salary expense? SOLUTION 3: RaCo must accrue 19X7 salary expense for 3 of the 5 days, Monday, Tuesday, and Wednesday, which is 60% (3/5) of the week. To compute accrued payroll expense (payroll expense incurred but not paid) for the last week of 19X7: $10,000 x 60% = $6,000 accrued payroll expense for 19X7...
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