At December 31, Magnum Auto Bodyshop owes an employee for four days of work that will not be paid until January 5th. The weekly rate of pay for a five-day workweek is $1250. The adjusting entry to record the accrued wages on December 31 will include A.debit to Salaries Payable for $1,250. B. debit to Salaries Expense for $1,000. C. debit to Salaries Expense for $1,250 D. debit to Salaries Payable for $1,000.
At December 31, Magnum Auto Bodyshop owes an employee for four days of work that will not be paid until January 5th. The weekly rate of pay for a five-day workweek is $1250. The adjusting entry to record the accrued wages on December 31 will include A.debit to Salaries Payable for $1,250. B. debit to Salaries Expense for $1,000. C. debit to Salaries Expense for $1,250 D. debit to Salaries Payable for $1,000.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 45BE
Related questions
Question
At December 31, Magnum Auto Bodyshop owes an employee for four days of work that will not be paid until January 5th. The weekly rate of pay for a five-day workweek is $1250. The
A.debit to Salaries Payable for $1,250.
B. debit to Salaries Expense for $1,000.
C. debit to Salaries Expense for $1,250
D. debit to Salaries Payable for $1,000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage