a company has 5 employees w3ho each earns $500 per week for five-day week that begins...
a company has 5 employees w3ho each earns $500 per week for five-day week that begins on Monday and is paid the following Monday. Tuesday is December 1 and all 5 employees works that day. what is the December 31 adjustment? what is the transaction when we actually pay the employees on January 6?
Homework Answers
Journal entry
| Date | account and explanation | debit | Credit |
| Dec 31 | Wages expense (100*2*5) | 1000 | |
| Wages payable | 1000 | ||
| (To record accrued wages) | |||
| Jan 6 | Wages payable | 1000 | |
| Wages expense | 1500 | ||
| Cash | 2500 | ||
| (to record wages paid) |
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