Wages earned from July 1st through December 31st was $538,000. Wages earned between Dec. 15th and...
Wages earned from July 1st through December 31st was $538,000. Wages earned between Dec. 15th and Dec 31st amounting to $41,000 was not paid this until Jan 7th. What is the required entry(s)?
Homework Answers
| Date | General Journal | Debit | Credit |
| December 31 | Wages expense | $497,000 | |
| Cash | $497,000 | ||
| December 31 | Wages expense | $41,000 | |
| Wages payable | $41,000 |
Wages paid in cash = Total wages expense - Wages payable on December 31
= 538,000-41,000
= $497,000
Kindly comment if you need further assistance. Thanks‼!
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