Question

"Employees are paid $2,400 on every Friday for a five-day workweek. The accounting period ends on Wednesday, December 31. Adjusting for the salaries and benefits expense for the last three days of the accounting period would"

Answer 1

Answer and Explanation:

The computation of the adjusted amount of the last three days of the accounting period is shown below:

Since for five days work week, the total wages is $2,400

So per day it would be

= $2,400 ÷ 5 days

= $480

Now for 3 days, it would be

= $480 × 3 days

= $1,440

Now the adjusting entry is

Salaries and wages expense Dr $1,440

To Salaries and wages payable $1,440

(Being the salaries are adjusted)