Question

Employees at ta certain are paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, J
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Answer #1

Answer : Option E, $1,520

Explanation :

Generally employees work for 5 days in a week for $3,800 and wages paid on the end of 5th day of working i.e., January 3rd

Therefore,

Number working days untill dec 31 is 2 days ( 30 December & 31 December)

That implies,

($3,800 ÷ 5 days ) × 2 days = $1,520

Adjusting Journal entry on December 31 is :

Date Account Debit Credit
31 Dec Salaries $1,520
Wages payable $1,520
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