What is the adjusting entry? Wages are paid fortnightly on Friday for the fortnight just worked...
What is the adjusting entry?
Wages are paid fortnightly on Friday for the fortnight just worked (up to and including the Friday). The next wages payment will be made on 2nd March 2018 and it will be for the same amount as on the 16th February - Emma ($1962 + $352 tax) and Lily ($1680, + $ 254 tax).
Emma and Lily only work Monday to Friday. They work 8 hours a day. Calculate the amount of wages payable at the end of February. Hint: work out daily rate * number of days to end February
Homework Answers
An entry that has been booked to correct the original entry is called as an Adjusting entry.
Such entries are booked to correct the past entries, sometimes one adjusting entry is passed to correct many past journal entries.
2.
|
per day rate[16 days pay] |
for 16 to 28 feb |
||
|
emma |
1962 |
||
|
352 |
|||
|
2314 |
144.625 |
1735.5 |
|
|
lily |
|||
|
1680 |
|||
|
254 |
|||
|
1934 |
120.875 |
1450.5 |
|
| wages payable by the end of feb |
3186 |
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What is the adjusting entry?
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