Question

X Company has 5 employees earning P400 per day and 10 workers earning P600 per day....

  1. X Company has 5 employees earning P400 per day and 10 workers earning P600 per day. The company has a policy of paying a 5-day work week every Friday only. December 31, 2011, the end of the annual accounting period, falls on a Wednesday.
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Answer #1

At end of annual accounting period ,salary is accrued for 3 days (Monday-Tuesday-Wednesday ).

Total salaries accrued : [5 employees*400 per day*3 days ]+[10 workers*600*3days]

                         = 6000+ 18000

                        = 24000

Adjusting entry :

Account title Debit credit
Salaries and wage expense 24000
Salaries and wages payable 24000
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