Homework Answers
Solution:
| Account Titles and Explanation | Debit | Credit |
| Wages Expense ( $29,750 / 5days * 2days) | $ 11,900 | |
| Wages Payable | $ 11,900 | |
| ( Being Accrued wages recorded) |
Note:
1) Accrued wages is calculated on gross pay of $ 29,750 but not on net pay of $ 19,340.
2) Accrued wages should includes not only net wages payable to workers but also social security payable, medicare payable, federal and state withholding payable and many more, depends on year of transaction occurred and laws prevails at that time.
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