Business, 26.03.2020 20:58, BardiFan

The employees of Lucid Laboratories are paid every two weeks on Friday for a Monday though Friday work week. Total payroll is $ 25 comma 000 and covers 10 workdays. The end of the current month falls on the second Tuesday of the pay period. What is the adjusting journal entry to accrue payroll at the end of the month?

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answered: Animallover100

Debit Credit

Wages expenses $17,500

Wages receivable $7,500

Wages payable $25,000

Explanation: The end of the current month falls on the second Tuesday of the pay period means, on the 7th day, the end of the month was Tuesday instead of the expected 10th workday and a Friday. In this instance, it means the employees of Lucid Laboratories had only worked for 7 days, then a wages expense of 7/10 days x $25,000 ($17,500) would be recorded with the balance being a wage receivable (since the employees are expected to work for the remaining work days in the next month). The total amount would then be recorded as a payable.

Next month, when it is a first Friday and is time to make payment, the company will record the following entries:

Debit Credit

Wages payable $25,000

Cash $25,000

Wages expense $7,500

Wages receivable $7,500

answered: Guest

engaging in financial planning?

just took my test

answered: Guest

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be (amount of tax / original cost price ) × 100

(1.54 / 22) × 100 → (0.07) × 100 = 7

so the tax rate is 7%

we can double check the answer.

7 % of 22 → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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The employees of Lucid Laboratories are paid every two weeks on Friday for a Monday though Friday wo...