Business, 11.03.2020 21:59 jake122390

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000 (or $3,200 per weekday). The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?Salaries expense 22,400

Salaries payable 22,400

Amount accrued: $32,000 x 7/10 = $22,400

Can you explain how did we get 22,400? I dont not get $32,000 x 7/10

why we divide 7 over 10? what does 7 mean and what does 10 represent?

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The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payr...

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