File Edit View History Bookmarks Window Help a newco Saved HW 3-2 Pablo Manageme

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File Edit View History Bookmarks Window Help a newco Saved HW 3-2 Pablo Management has two part-time employees, each of whom earns $105 per day They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28, 2015, was a Friday, and that they were paid 714 points in full on that day, The next week, the two employees worked only four days because New Year's Day was an unpaid holiday. Prepare the adjusting entry that would be recorded on Monday, December 31, 2015 and Friday, January 4, 2016. Hint View transaction list Journal entry worksheet Record adjusting entry on Monday, December 31, 2015 Note: Enter debits before credits ?? ??i C?t7 ult?@

Explanation / Answer

Journal Entries in the books of Pablo Management

Date

Accounts Tittles and explanations

Debit ($)

Credit ($)

December 31,2015

Wages expense A/c

525

To Wages Payable A/c

[ $105 per day x 5 Days ]

525

January 4, 2016

Wages expense A/c [$840 – 315 ]

315

Wages Payable A/c

525

To Cash A/c

[ $105 x 2 Employees x 4 Days ]

840

Date

Accounts Tittles and explanations

Debit ($)

Credit ($)

December 31,2015

Wages expense A/c

525

To Wages Payable A/c

[ $105 per day x 5 Days ]

525

January 4, 2016

Wages expense A/c [$840 – 315 ]

315

Wages Payable A/c

525

To Cash A/c

[ $105 x 2 Employees x 4 Days ]

840

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