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Prepare any necessary adjusting journal entries

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Question - Callison Company has an accounting fiscal year which ends on June 30, 20--. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred.

Date Amount

Monday June 28 $3,000

Tuesday June 29 3,800

Wednesday June 30 2,400

Thursday July 1 3,000

Friday July 2 2,400

The company also purchased a used car at the beginning of the month (June 1) for $6,000 cash. The car has a useful life of 5 years.

Required -

(a) Prepare any necessary adjusting journal entries that should be made at year end on June 30.

(b) Prepare the journal entry to record the payment of the weekly payroll on July 2.

Reference no: EM133072473

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