Provide answer general accounting Gordy's Corp. has seven employees. Each earns $800 per week for a five daywork week ending on Friday. This month, the last day of the month falls on aThursday. The company should make the following adjusting entry:a. debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480b. debiting Wage Expense for $640 and crediting Wages Payable for $640c. crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480d. crediting Wage Expense for $640 and debiting Wages Payable for $640

To determine the appropriate adjusting entry, we calculate the wages earned by the employees for the…

Answered: Gordy's Corp. has seven employees. Each…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter10: Payroll Register (pr)

Section: Chapter Questions

Problem 4R

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Garn Corp. has six employees. Each earns $500 per week for a five day work week payable every Friday. The last day of this month falls on a Tuesday. The company should make an adjusting entry: A. Debiting Wage Expense for $1,200 and crediting Wages Payable for $1,200. B. Debiting Wage Expense for $1,800 and crediting Wages Payable for $1,800. C. Crediting Wage Expense for $1,200 and debiting Wages Payable for $1,200. D. Crediting Wage Expense for $1,800 and debiting Wages Payable for $1,800.
Employees at the Sheffield Waffle House were paid on Friday, December 27 for the five days ending on December 27. The next payday is Friday, January 3. Employees work 5 days a week. The weekly payroll amounts to $8050. The appropriate adjusting journal entry on December 31 would be to credit Salaries and Wages Payable for O $3220. O $8050. O $1610. O $4830.
The university satellite office operates five days per week with a daily payroll of $5,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, October 31. What is the effect of the correct adjustment at October 31? A. Decrease Wages Expense and increase Wages Payable by $15,000 B. Increases Wages Payable and increases Wages Expense by $25,000 C. Increase Wages Payable and decreases Cash by $10,000 D. Increases Wages Expense and increases Wages Payable by $15,000
Oak Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Oak Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Oak Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference on the appropriate side of each account. Salaries Payable Salaries Expense Unadj. Bal. 600,000|| Requirements Requirement 3. Record the journal…
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Hickory Park Senior Center has a weekly payroll of $5,000. December 31 falls on Thursday, and Hickory Park Senior Center will pay its employees the following Monday (January 4) for the previous full week. Assume Hickory Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense $610,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. Post the adjustment to the two accounts using a "Dec. 31" posting reference, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference on the appropriate side of each account. Salaries Payable Salaries Expense Unadj. Bal. 610,000 Requirements Requirement 3. Record the…
Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$_________
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Winter submitted a pay card reflecting the following hours worked at Kicy, Incorporated. Winter earns $14.15 per hour. The company pays overtime only on hours worked exceeding 40 per week. The company is considering changing from quarter-hour to hundredth- hour time collection. Under the current quarter-hour system, each time the employee clocks in or out, the time is rounded to the nearest quarter-hour. Required: 1. Calculate Winter's time for both the quarter-hour and hundredth-hour systems. 2. Calculate Winter's total pay in the hundredth-hour and quarter-hour systems. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Winter's time for both the quarter-hour and hundredth-hour systems. Note: Round your intermediate calculations and final answers to 2 decimal places. In 7:30 9:25 7:10 6:02 Out 11:20 12:28 11:43 11:05 In 12:17 1:40 12:26 12:06 Out 5:18 6:12 5:35 6:04 Total Hours with Total Hours with Hundredth-hour Quarter-hour

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