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In: Accounting

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 1 year ago
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