Charlton Cleaning Services Pays Out Wages Every Week on Friday

question 20

Essay

Charlton Cleaning Services pays out wages every week on Friday afternoon. Payroll expense totals $3,500 per week, based on a 5-day week. The month of June ended on a Thursday. On Thursday, June 30, Charlton made the following accrual adjustment:
At the same time, they prepared the following reversing entry to be booked on July 1:
On Friday afternoon, when wages were paid out, what journal entry was made?

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Definitions:

Hypergeometric Probability

The probability of a given number of successes in a finite population without replacement.

Binomial Distribution

A probability distribution that describes the number of successes in a fixed number of independent trials, each with the same probability of success.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, assuming these events occur with a constant mean rate and independently of the time since the last event.

Hypergeometric Probability

The probability of a certain number of successes in draws from a finite population without replacement, where each draw can result in a success or a failure.