Bob Bundy, an employee of Concord Corp., will not receive his paycheck until April 2. Based...
Bob Bundy, an employee of Concord Corp., will not receive his
paycheck until April 2. Based on services performed from March 15
to March 31, his salary was $930. The adjusting entry for Concord
Corp. on March 31 is
|
a |
|
|
b |
|
|
c |
|
|
d |
No entry is required. |
Homework Answers
The answer is (c) Salaries and Wages Expense 930
Salaries and Wages Payables 930
Reason: Bob bundy had worked from 15 to 31st march so his salary expense should be recognised on the closing of 31st march but due to pending payment it is should to be shown in liabilities also untill it is paid.
Debiting of Salaries and Wages Expense is the recognisation of the expense for the year while Salaries and Wages Payables is the recognisation of liability at the 31st march.
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