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Bloom's Company Pays Biweekly Salaries of $40,000 Every Other Friday

Question 138

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Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30, journalize the adjusting entry necessary at the end of the fiscal period (December 31). Bloom's Company pays biweekly salaries of $40,000 every other Friday for a ten-day period ending on that day. The last payday of December is Friday, December 27. Assuming the next pay period begins on Monday, December 30, journalize the adjusting entry necessary at the end of the fiscal period (December 31).

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$40,000/10 days = $4...

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