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General Accounting Discussions: Adjusting entries for wages

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    • CommentAuthorNayLoMo6C
    • CommentTimeOct 2nd 2009 edited
     
    I have a question on an assignment that states..

    Employees work Monday through Friday. The weekly payroll is $5,000 and is paid every friday. June 30 2010 falls on a Thursday

    This is part of the Trial Balance for which the question pertains to..

    June 30,2010

    Debit Credit
    Cash $131,000
    Salary Expense $255,000

    My main question is which account should I debit and credit and for each one, how much do I debit and credit?

    Thanks in advance!

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