Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $40320. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? Dr Salaries and Wages Expense $24192            Cr Salaries and Wages Payable $24192 Dr Salaries and Wages Expense $40320            Cr Salaries andWages Payable $40320 Dr Salaries and Wages Expense $24192            Cr Cash $24192 Dr Salaries and Expense $8064            Cr Salaries and Wages Payable $8064

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter8: Payroll Accounting: Employee Earnings And Deductions
Section: Chapter Questions
Problem 1CP: Irina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From...
icon
Related questions
Question

Metlock, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $40320. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end?

Dr Salaries and Wages Expense $24192
           Cr Salaries and Wages Payable $24192

Dr Salaries and Wages Expense $40320
           Cr Salaries andWages Payable $40320

Dr Salaries and Wages Expense $24192
           Cr Cash $24192

Dr Salaries and Expense $8064
           Cr Salaries and Wages Payable $8064

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Payroll register
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.
Similar questions
Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
PAYROLL ACCT., 2019 ED.(LL)-TEXT
PAYROLL ACCT., 2019 ED.(LL)-TEXT
Accounting
ISBN:
9781337619783
Author:
BIEG
Publisher:
CENGAGE L
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College