Question

We pay our employees every Friday afternoon a total of $1000 for the five days they...

We pay our employees every Friday afternoon a total of $1000 for the five days they work during the week.

1. What is the journal entry on a typical Friday payroll?

       ---This week the year-end occurs on Wednesday---

2. What journal entry, if any, will be made on Wednesday?

3. What journal entry, if any, will be made on Friday?

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Homework Answers

Answer #1

1)

On every friday, the salaries expense would be recorded at 1000 and cash would be paid for it

JOURNAL:

Salaries Expense 1000

Cash 1000

2)

Since the year ending is on Wednesday, the accrued salaries for 3 days would be booked.

Accrued salaries = 1000 / 5 * 3 = 600

Salaries Expense 600

Salaries Payable 600

3)

On the coming Friday, salary expense for remaining 2 days would be booked and salaries payable would also be cleared off

JOURNAL:

Salaries Expense (200 * 2) 400

Salaries Payable 600

Cash 1000

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