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venise
Apr 29, 2012, 02:41 PM
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
Apr 29, 2012, 04:13 PM
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
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
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
May 1, 2012, 04:39 PM
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