Rogers Company's Employees Are Paid a Total of $1,600 Per

question 219

Essay

Rogers Company's employees are paid a total of $1,600 per day for a 5-day workweek. The employees are paid each Friday. This year the accounting period ends on Tuesday. Prepare the December 31 year-end adjusting journal entry Rogers Company should make to accrue salaries.

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Definitions:

Worth Today

The present value of an amount of money in relation to its value in the future, considering factors like inflation and interest rates.

Interest Rate

The percentage at which interest is charged or paid on borrowed or invested money, typically expressed annually.

Present Value

Today's equivalent value of a sum of money or series of payments expected in the future, considering a particular rate of return.

Received

Pertains to the act of getting or accepting something that was sent or given.