Rate is 10/hour. We have 5 employees. They work 40 hours a week (Monday-Friday). We pay...

Rate is 10/hour. We have 5 employees. They work 40 hours a week (Monday-Friday). We pay every 14 days on Friday. Payday fall this Friday on 12/28/x1; and 1/11/x2. Book JE for 12/28; 12/31 and 1/11 – ignoring payroll taxes.

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Expert Solution

Journal entries
Date	Account	Debit	Credit	Calculation
28-Dec	Salaries and wages expense	$ 4,000		=40 hours* $10/hour* 5 employees * 2 weeks
	Cash		$ 4,000

31-Dec	Salaries and wages expense	$ 400		=4,000/10 days *1 day
	Salaries and wages Payable		$ 400	29th & 30th Dec will fall on weekend
				So 31st is Monday, only 1 day payable

11-Jan	Salaries and wages Payable	$ 400		From above entry
	Salaries and wages expense	$ 3,600		=4,000/10 days *9 days
	Cash		$ 4,000	Remaining 9 days

ekkarill92 answered 7 months ago

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