Denton Corporation employs 70 workers in its plant. Eachemployee is paid $10 per hour...

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Accounting

Denton Corporation employs 70 workers in its plant. Eachemployee is paid $10 per hour and works seven hours per day, Mondaythrough Friday. Employees are paid every Friday. The last paydaywas Friday, September 19.
Required:
1. Compute the dollar amount ofthe weekly payroll.
2. Prepare the journal entry onFriday, September 26, for the payment of the weeklypayroll.
3. Denton prepares monthlyfinancial statements. Prepare the adjusting journal entry onTuesday, September 30, the last day of the month.
4. Prepare the journal entry onFriday, October 3, for the payment of the weekly payroll.
5. Will net income for the monthof September be understated or overstated if Denton doesn’t botherwith an adjusting entry on September 30?

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Requirement 1 Answer Dollar amount of the weekly payroll 24500 Working A Number of Workers 70 B Number of Working hours in a day 7 C Number of days in a week 5 DCxB Number of hours in a week 35 E Payment See Answer

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In: AccountingDenton Corporation employs 70 workers in its plant. Eachemployee is paid $10 per hour and...Denton Corporation employs 70 workers in its plant. Eachemployee is paid $10 per hour and works seven hours per day, Mondaythrough Friday. Employees are paid every Friday. The last paydaywas Friday, September 19.Required:1.Compute the dollar amount ofthe weekly payroll.2.Prepare the journal entry onFriday, September 26, for the payment of the weeklypayroll.3.Denton prepares monthlyfinancial statements. Prepare the adjusting journal entry onTuesday, September 30, the last day of the month.4.Prepare the journal entry onFriday, October 3, for the payment of the weekly payroll.5.Will net income for the monthof September be understated or overstated if Denton doesn’t botherwith an adjusting entry on September 30?

1.	Compute the dollar amount ofthe weekly payroll.
2.	Prepare the journal entry onFriday, September 26, for the payment of the weeklypayroll.
3.	Denton prepares monthlyfinancial statements. Prepare the adjusting journal entry onTuesday, September 30, the last day of the month.
4.	Prepare the journal entry onFriday, October 3, for the payment of the weekly payroll.
5.	Will net income for the monthof September be understated or overstated if Denton doesn’t botherwith an adjusting entry on September 30?