Abc. Co. has one employee who earns $500 per week and is paid every Monday for...
Abc. Co. has one employee who earns $500 per week and is paid every Monday for the previous week worked. December 31st is a Wednesday. Your employee works Monday-Friday.
a. Record the required adjusting entry on December 31st
b. Record the payment to the employee on Monday, January 5th
Homework Answers
Salary earned from Monday to Wednesday = $500 X 3/5 = $300
Salary from Thursday to Friday = $500 X 2/5 = $200
| Transaction | Date | General Journal | Debit | Credit |
| a. | Dec 31 | Salaries expense | $300 | - |
| Salaries payable | - | $300 | ||
| b. | Jan 5 | Salaries expense | $200 | - |
| Salaries payable | $300 | - | ||
| Cash | - | $500 |
Add Answer to:
Abc. Co. has one employee who earns $500 per week and is paid
every Monday for...
"X Company has one employee who earns $50 per day and is paid every Friday. Assume...
"X Company has one employee who earns $50 per day and is paid every Friday. Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry to record the payment of the salary on January 2.2021 (ignore payroll taxes). 12/09/20 "X Company has one employee who earns $50 per day and is paid every Friday, Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry...
"X" Company has one employee who earns $50 per day and is paid every Friday, Assume...
"X" Company has one employee who earns $50 per day and is paid every Friday, Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry to record the payment of the salary on January 2. 2021 (ignore payroll taxes). 12/31/20 On January 1, 2020, X Company purchases a new machine for $5,500. The machine will last for five years after which "X" expects to receive $500 as a salvage on a newer...
Pablo Management has two employees, each of whom earns $130 per day. They are paid on...
Pablo Management has two employees, each of whom earns $130 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the two employees worked Monday, December 31, and Wednesday through Friday. January 23, 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 Journal entry worksheet Alta Record...
Pablo Management has seven part-time employees, each of whom earns $125 per day. They are paid...
Pablo Management has seven part-time employees, each of whom earns $125 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the seven employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday. 1. Prepare the year-end adjusting entry for wages expenses. 2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4th.
Pablo Management has five employees, each of whom earns $150 per day. They are paid on...
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...
Pablo Management has two employees, each of whom earns $220 per day. They are paid on...
Pablo Management has two employees, each of whom earns $220 per
day. They are paid on Fridays for work completed Monday through
Friday of the same week. Near year-end, the two 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 qnd
record payment of the employees’ wages on Friday, January 4.
Pablo Management has two employees, each of...
Atlen Company has one employee named Mr. Hatfield who earns $100 per day. Mr. Hatfield works...
Atlen Company has one employee named Mr. Hatfield who earns $100 per day. Mr. Hatfield works Monday through Friday and is paid every Friday for the week ending on that day. December 31, 2015 falls on a Wednesday. A) What adjusting entry does Atlen Company need to make on December 31, 2015? Cr B) How does this transaction affect the following items? Net income Retained Earnings Total Assets Total Liabilities Total Equity: C) What journal entry does Atlen Company make...
Pablo Management has five employees, each of whom earns $250 per day. They are paid on...
Pablo Management has five employees, each of whom earns $250 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 Journal entry worksheet <...
The company employs a single employee who works all five weekdays and is paid for the...
The company employs a single employee who works all five
weekdays and is paid for the workweek on the following Monday. The
employee works the entire week ending on Friday, December 30. The
employee earns $800 per day. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the adjusting entry to accrue wages at December 31. Note: Enter debits before credits. Date General Journal...
Pablo Management has five part-time employees, each of whom earns $250 per day.
Pablo Management has five part-time employees, each of whom earns $250 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. 1. Prepare the year-end adjusting entry for wages expenses. 2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4.
"X Company has one employee who earns $50 per day and is paid every Friday. Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry to record the payment of the salary on January 2.2021 (ignore payroll taxes). 12/09/20 "X Company has one employee who earns $50 per day and is paid every Friday, Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry...
"X" Company has one employee who earns $50 per day and is paid every Friday, Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry to record the payment of the salary on January 2. 2021 (ignore payroll taxes). 12/31/20 On January 1, 2020, X Company purchases a new machine for $5,500. The machine will last for five years after which "X" expects to receive $500 as a salvage on a newer...
Pablo Management has two employees, each of whom earns $130 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the two employees worked Monday, December 31, and Wednesday through Friday. January 23, 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 Journal entry worksheet Alta Record...
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...
Pablo Management has two employees, each of whom earns $220 per
day. They are paid on Fridays for work completed Monday through
Friday of the same week. Near year-end, the two 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 qnd
record payment of the employees’ wages on Friday, January 4.
Pablo Management has two employees, each of...
Atlen Company has one employee named Mr. Hatfield who earns $100 per day. Mr. Hatfield works Monday through Friday and is paid every Friday for the week ending on that day. December 31, 2015 falls on a Wednesday. A) What adjusting entry does Atlen Company need to make on December 31, 2015? Cr B) How does this transaction affect the following items? Net income Retained Earnings Total Assets Total Liabilities Total Equity: C) What journal entry does Atlen Company make...
Pablo Management has five employees, each of whom earns $250 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 Journal entry worksheet <...
The company employs a single employee who works all five
weekdays and is paid for the workweek on the following Monday. The
employee works the entire week ending on Friday, December 30. The
employee earns $800 per day. Complete the necessary journal entry.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1 Record the adjusting entry to accrue wages at December 31. Note: Enter debits before credits. Date General Journal...
Most questions answered within 3 hours.
-
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 24 minutes ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 24 minutes ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 52 minutes ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 1 hour ago -
What's the streaming business's problem on the
horizon?
asked 1 hour ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 2 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 2 hours ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 2 hours ago -
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 3 hours ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 3 hours ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 4 hours ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 4 hours ago