A Business Pays Weekly Salaries of $25 000 on Friday

question 32

Short Answer

A business pays weekly salaries of $25 000 on Friday for a five-day week ending on that day.The adjusting entry necessary at the end of the financial period ending on Wednesday is:

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Definitions:

Economic Cycles

Fluctuations in economic activity experienced by a country or the global economy over time, including periods of expansion, peak, contraction, and trough.

Pension Plans

Financial programs established by employers or governments to provide income to employees after retirement.

Corporate Restructuring

The process of reorganizing the structure of a corporation to increase profitability, efficiency, or adapt to a changing environment.

Demotion

A reduction in rank, position, or status of an employee within an organization.