Exercise 3-4 Adjusting and paying accrued wages L.O. C1 P1 Arton Management has

Question

Exercise 3-4 Adjusting and paying accrued wages L.O. C1 P1

Arton Management has nine part-time employees, each of whom earns $230 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2009. The next week, the nine employees worked only four days because New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2009, and (b) the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2010

Explanation / Answer

Date

Particulars

L/F

Dr $

Cr $

2070

2070

4/1/2010

8,280

2070

10,350

Date

Particulars

L/F

Dr $

Cr $

31-12-2009 Wages expense

2070

                  Wages payable

2070

(Accrued wages)

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