Hugh Morris Company pays weekly wages of $13,500 every Friday for a five day week ending...
Hugh Morris Company pays weekly wages of $13,500 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is:
Multiple Choice
-
debit Wages Expense $8,100; credit Wages Payable $8,100
-
debit Wages Expense $5,400; credit Drawing $5,400
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debit Wages Expense $5,400; credit Cash $5,400
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debit Wages Expense $5,400; credit Wages Payable $5,400
Homework Answers
| Adjusting Entry | ||||
| Particulars | Debit | Credit | ||
| Wages Expense | $ 5,400.00 | |||
| To Wages Payable | $ 5,400.00 | |||
| ($ 2700 x 2) | ||||
| (i.e., for 2 days, Monday and Tuesday) | ||||
Answer: Last Option
Workings:
| Weekly payment | (for 5 days) | $ 13,500.00 | |
| Daily Payment | ($ 13500 / 5) | $ 2,700.00 | |
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