Homework Answers
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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