Armstrong Services Has a Weekly Payroll of $50,000

question 20

Essay

Armstrong Services has a weekly payroll of $50,000.December 31 falls on Thursday and Armstrong will pay its employees the following Monday (January 4)for the previous full week.Assume that the company has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000 at December 31.Prepare the January 4 journal entry.Reversing entries are not made.

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Definitions:

Reporting

The process of preparing and presenting data and information, usually financial, to stakeholders to inform them of the organization's status or performance.

Expenses Grouping

The practice of categorizing costs and expenses into distinct groups to simplify financial analysis and reporting.

Organisation Functions

The primary activities and responsibilities that are crucial for the successful operation of a business or organization.

Goal Congruence

The alignment of individual objectives with the overall objectives of the organization to ensure that all members are working towards the same targets.