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Exercise 10.12 ACCRUAL OF WAGES AND SALARIES London plc has a weekly payroll of £125 000. The last payroll processed before t

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Answer #1

Weekly payroll expense (For 5 days) = 125,000

Payroll expense for 4 days (June 27 to June 30) = 125,000 x 4/5

= 100,000

The following journal entry will be made on June 30 to accrue weekly payroll :

Journal

Date

Account Title and Explanation

Debit

Credit

June 30 Salaries and wages expense 100,000
Salaries and wages payable 100,000
(To record accrual of salaries and wages)
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