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.
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…
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 2020 Vacation Wages Payable 3888 4968 Sick Pay Wages Payable 864 $ %24 %24 %24 %24
Cullumber Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual HourlyWage Rate Vacation Days Usedby Each Employee Sick Days Usedby Each Employee 2019 2020 2019 2020 2019 2020 $11 $12 0 8 4 5 Cullumber Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are…
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