Jones Company as a five day workweek (Monday through Friday). Employees earn $1,000 each workweek. a)...
Jones Company as a five day workweek (Monday through Friday). Employees earn $1,000 each workweek.
a) If the month of September ends on Wednesday and wages will not be paid until Friday, how much wage expense should be accrued (and recorded as expense) in September?
b) What is the effect on the accounting equation on September 30?
Homework Answers
a)
Wages expense for five day period (Monday to Friday) = $1,000
Since September month ends on Wednesday, hence 3 days wages are accrued at the end of September.
Hence, wage expense to be accrued (and recorded as expense) in September = 1,000 x 3/5
= $600
b)
Due to wages expense accrued of $600, equity will decrease by $600 and liabilities will increase by $600 on September 30.
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