Question

Pablo Management has five employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list View journal entry worksheet No General Journal Debit Credit Date December 31 1 Wages expense Wages payable

Answer 1

Solution: No Date General Journal 1 December 31. wages expense wages payable (5*150*1) Debit Credit 750 750 2 January 4. wages expense=5*150*3 2250 wages payable 750 Cash 3000