A Business Pays Its Employees' Monthly Salaries of $20,000, Half

question 66

Essay

A business pays its employees' monthly salaries of $20,000, half on the 15^th day of each month, and half on the first day of the following month. On October 31, the business accrued salaries for the second half of October. On November 1, the business paid their employees $10,000 for the second half of October. Please provide the journal entry for the payment made on November 1.

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Definitions:

Forces Inside

The internal drivers or motivations that influence an individual's actions or decisions.

Planned Change

Involves deliberate efforts to modify the operations, structure, or culture of an organization to achieve a specific goal or respond to external or internal pressures.

Neutral Zone

The second of three general steps in the acceptance of personal loss. The neutral zone is the area where “helplessness” and “bottoming out” take place. (See ending and beginning.)

Beginnings

The initial phase or start of something, often marked by new opportunities, challenges, or the introduction of elements or ideas.