Gwynn Company Has an Accounting Fiscal Year Which Ends on June

Essay

Gwynn Company has an accounting fiscal year which ends on June 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred. $\begin{array}{llr}&\text { Date } &\text { Amount }\\\text { Monday } & \text { June } 28 & \$ 3,000 \\\text { Tuesday } & \text { June } 29 & 3,800 \\\text { Wednesday } & \text { June } 30 & 3,300 \\\text { Thursday } & \text { July } 1 & 3,500\\\text { Friday } & \text { July } 2 & 2,400\end{array}$ Instructions
(a) Prepare any necessary adjusting journal entries that should (b) How does the journal entry in (a) affect the balance sheet?