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    venise's Avatar
    venise Posts: 3, Reputation: 1
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    #1

    Apr 29, 2012, 02:41 PM
    Journalizing adjusting entries
    Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $7,000 for a five-day workweek. This year December 31 falls on a Wednesday.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Apr 29, 2012, 04:13 PM
    Quote Originally Posted by venise View Post
    Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $7,000 for a five-day workweek. This year December 31 falls on a Wednesday.
    So assuming the work week is a standard nine to five day, 40 hour week beginning on a Monday, the company will accrue 3 days pay
    anasmusthafa's Avatar
    anasmusthafa Posts: 3, Reputation: 1
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    #3

    Apr 30, 2012, 12:35 AM
    Work week days is 5 days
    Weekly payroll- 7000 $
    End day -Friday

    Three days we need to be accrued

    =7000/5*3=4200 $

    Journal entry to pass on 31 December is

    Dr Salary/wages 4200
    Cr Accrued Exp 4200
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Apr 30, 2012, 06:25 AM
    The Debit entry willl be to Salaries and/or Wages Expense.
    The Credit entry will be to Salaries and/or Wages Payable.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #5

    May 1, 2012, 04:39 PM
    Quote Originally Posted by anasmusthafa View Post
    Work week days is 5 days
    Weekly payroll- 7000 $
    End day -Friday

    Three days we need to be accrued

    =7000/5*3=4200 $

    Journal entry to pass on 31 december is

    Dr Salary/wages 4200
    Cr Accrued Exp 4200
    Yes
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