Chase company has 10 employees, who earn a total of $3,400 in salaries each working day. they are paid on monday for the five-day work week ending on the previous friday. assume that year ended on december 31, which is a wednesday, and all employees will be paid salaries for five full days on the following monday. the adjusting entry needed on december 31 is:

Explanation:

The adjusting entry is shown below:

Salaries expense A/c $10,200

     To Salaries payable A/c $10,200

(Being salary is adjusted)

The salaries expense is computed by

= Total salary each day × number of days

= $3,400 × 3 days

= $10,200

The 3 days is computed from Monday to Wednesday

And for correct posting, we debited the salaries expense account and credited the salaries payable account