Baker Construction, Inc. pays its employees each Friday for the work they performed that week.Baker's employees only work on Monday through Friday. They do not work on Saturday orSunday. Baker produces monthly financial statements; thus they prepare adjusting entries at theend of each month.For the month of June, the last payday was on Friday June 25th. The last day of June was onWednesday June 30th. The first payday of July was on Friday July 2nd. The following partialcalendar shows these days and dates:SundayMondayTuesdayWednesdayThursdayFridaySaturdayJune 20June 21June 22June 23June 24Juņe 25June 26June 27June 28June 29June 30July 1July 2July 3The following table shows the amount the employees were paid on Friday June 25th and on FridayJuly 2nd. The table also shows the data required to calculate the amount the employees earnedfor the last three workdays of June.Wages paid on Friday, June 25thWages paid on Friday, July 2nd$6,200$5,950-Data for June 28, 29, & 30 – the last three days worked in June:Number of employees working each dayHours each employee worked per day10 employees per day8 hours per dayHourly wage rate$16 per hour Requirement 1 -- Wage payment on Friday June 25thDateAccount NameDebitCredit6/25/xxRequirement 2Total amount earned by the employees for:Monday June 28th + Tuesday June 29th + Wednesday June 30thRequirement 3 -- June 30 Wages Payable adjusting entryDateAccount NameDebitCredit6/30/xxRequirement 4 -- Wage payment on Friday July 2ndDateAccount NameDebitCredit7/02/xx7-3 B7-4 B7-5 A7-5 B7-67-77-8+7-17-2 A7-2 B7-3 A7-4 AReadyWyseEscF1F2

Baker Construction, Inc. pays it Baker's employees only work o Sunday. Baker produces mont end of each month. For the month of June, the last Nednesday June 30th. The firs- calendar shows these days anc Sunday Monday June 20 June 21 June 27 June 28 The following table shows the a July 2nd. The table also shows For the last three workdays of Jr Wages paid on F Wages paid on F Data for Jun- Number of empl Hours each emp Hourly wage rate

Baker Construction, Inc. pays it Baker's employees only work o Sunday. Baker produces mont end of each month. For the month of June, the last Nednesday June 30th. The firs- calendar shows these days anc Sunday Monday June 20 June 21 June 27 June 28 The following table shows the a July 2nd. The table also shows For the last three workdays of Jr Wages paid on F Wages paid on F Data for Jun- Number of empl Hours each emp Hourly wage rate

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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