Answer :
Answer:
$3525
Explanation:
Given: Salary expense is $1175 per day.
Number of days salary is paid= 5 days (Monday through Friday)
As given, December 31 falls on a Wednesday.
∴ From Monday to wednesday, it is 3 working days.
Now, calculating amount of adjusting entry to record accrued salaries.
⇒ Accrued salary= [tex]\$ 1175\times 3= \$ 3525.[/tex]
∴ Amount of the adjusting entry to record accrued salaries would be $3525.
Accrued salary: It is the amount of liability remaining or salary left to be paid to employee at the end of period.
Journal entry is: Salaries A/C--- Dr
To Accrued Salaries A/C--- Cr.