Employees of Potteryworld Co

question 73

Essay

Employees of Potteryworld Co.have earned but have not been paid $3,500 in salaries for the last week of the current calendar year.
(a)Prepare the necessary adjusting journal entry for Potteryworld at December 31 of the current year.
(b)Assuming that Potteryworld makes reversing entries,prepare the necessary reversing entry,including the appropriate date.

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Definitions:

Commonsense Guidelines

Basic, practical rules that are based on common sense or practical experience.

Annual Banquet

A formal meal hosted yearly, often by an organization or institution, to celebrate achievements or facilitate gatherings.

Deductively Written

Written work that starts with a generalization and follows with examples or specifics to argue a point.

Achievement Level

A measure of proficiency or accomplishment in a particular skill, subject, or area of activity.