Hello! I am very confused on how to properly journal these entries because accrued versus paid. I have included all information given when it comes to wages. There is a drop down menu and I don't see anything for accrued but only wages. Drop Down Menu: Cash Accounts Receivable Notes Payable Accounts Payable Wages Payable Interest Payable Wages Expense and others which I don't believe would apply at all, but I'm confused with the amount of entries versus the Wage Calculation sheet at the end of this question. Please help me understand! October 15: Hired a part-time helper to be paid $12 per hour. One pay period is the first of the month through the fifteenth, and the other is the sixteenth through the end of the month. Paydays are the twentieth for the first pay period and the fifth of the following month for the second pay period. (No entry required on this date—for informational purposes only.) October 31: Accrued wages earned for employee for period of October 16 through October 31. (See Wage Calculation Data table at the end of this document.) November 5: Paid employee for period ending October 31. November 15: Accrued wages earned for employee from period of November 1 through November 15. (See Wage Calculation Data table at the end of this document.) November 20: Paid employee for period ending November 15. November 30: Accrued wages earned for employee for period of November 16 through November 30. (See Wage Calculation Data table at the end of this document.) December 5: Paid employee for period ending November 30. December 15: Accrued employee wages for period of December 1 through December 15. December 20: Paid employee for period ending December 15. December 31: Accrued employee wages for period of December 16 through December 31. Wage Calculation Data Month Hours Rate Pay 31-Oct 10 12 120 15-Nov 40 12 480 30-Nov 35 12 420 15-Dec 38 12 456 31-Dec 40 12 480
Hello!
I am very confused on how to properly
Drop Down Menu:
Cash
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Wages Expense
and others which I don't believe would apply at all, but I'm confused with the amount of entries versus the Wage Calculation sheet at the end of this question. Please help me understand!
October 15: Hired a part-time helper to be paid $12 per hour. One pay period is the first of the month through the fifteenth, and the other is the sixteenth through the end of the month. Paydays are the twentieth for the first pay period and the fifth of the following month for the second pay period. (No entry required on this date—for informational purposes only.)
October 31: Accrued wages earned for employee for period of October 16 through October 31. (See Wage Calculation Data table at the end of this document.)
November 5: Paid employee for period ending October 31.
November 15: Accrued wages earned for employee from period of November 1 through November 15. (See Wage Calculation Data table at the end of this document.)
November 20: Paid employee for period ending November 15.
November 30: Accrued wages earned for employee for period of November 16 through November 30. (See Wage Calculation Data table at the end of this document.)
December 5: Paid employee for period ending November 30.
December 15: Accrued employee wages for period of December 1 through December 15.
December 20: Paid employee for period ending December 15.
December 31: Accrued employee wages for period of December 16 through December 31.
Wage Calculation Data
|
Month |
Hours |
Rate |
Pay |
|
31-Oct |
10 |
12 |
120 |
|
15-Nov |
40 |
12 |
480 |
|
30-Nov |
35 |
12 |
420 |
|
15-Dec |
38 |
12 |
456 |
|
31-Dec |
40 |
12 |
480 |
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