A business pays biweekly salaries of $20,000 every other Friday for a ten-day period ending on that day.The last payday of December is Friday,December 27.Assume the next pay period begins on Monday,December 30 and the proper adjusting entry is journalized at the end of the fiscal period (December 31).Journalize the entry for the payment of the payroll on Friday,January 10.
Definitions:
Reporting Relationships
The formal lines of authority and communication within an organization, indicating who reports to whom.
Communication Channels
The mediums through which information is transmitted from one entity to another, including verbal, non-verbal, written, and electronic means.
Divisional Structure
An organization structure that groups together people working on the same product, in the same area, with similar customers, or on the same processes.
Vice Presidents
Senior executives below the president level, often overseeing specific business units, functions, or operations within an organization.
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