---- Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of1½ times for hours over 40 in a workweck.For the week ending March 31, 20-, he worked 48 hours. Calculate his gross pay for the week using the overtimepremium approach to calculate the overtime pay.Since the company holds back one week of pay, Gunn will not be paid until April 7, 20-. What adjusting entrywould the company make in order to record Gunn's salary in the first quarter of this year?a. Regular pay.b. Overtime premium pay.c. Gross payd. Adjusting entryJOURNALPOST.REF.DATEDESCRIPTIONDEBITCREDIT- N en

A journal entry is a primary entry that records the financial transactions initially.

Answered: Kelsey Gunn is the only employee of…

Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 12 times for hours over 40 in a workweek.

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 12PA: Kelsey Gunn is the only employee of Arsenault Company. His pay rate is 23.00 per hour with an...

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

----

Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of
1½ times for hours over 40 in a workweck.
For the week ending March 31, 20-, he worked 48 hours. Calculate his gross pay for the week using the overtime
premium approach to calculate the overtime pay.
Since the company holds back one week of pay, Gunn will not be paid until April 7, 20-. What adjusting entry
would the company make in order to record Gunn's salary in the first quarter of this year?
a. Regular pay.
b. Overtime premium pay.
c. Gross pay
d. Adjusting entry
JOURNAL
POST.
REF.
DATE
DESCRIPTION
DEBIT
CREDIT
- N en

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