Salary expense at Slow Hand Cooker is $6,000 per week for a Tuesday–Sunday workweek. Employees are paid on Sunday. If the company’s year ends on a Tuesday, what adjusting entry must it make? Explain the impact on the financial statements if this entry is not recorded.

Q: We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual basis of…

Q: An employee is paid every two weeks. She worked the last week of December and the first week of…

A: The cash basis of accounting recognizes revenues when cash is received and recognizes expenses when…

Q: Hugh Morris Company pays weekly wages of $15,000 every Friday for a five day week ending on that…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Perimeter Realty Co. pays weekly salaries of $28,500 on Friday for a five-day workweek ending on…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: A company pays wages every two weeks. Wages amount to $100 a day. On August 31, the company pays…

A: From August 24 to August 31 = 7 days Wages has been accrued for 7 days. So $700 of the wages has…

Q: On Friday of each week, Pearl Company pays its sales force weekly wages amounting to $ 40,000 for a…

A: Journal entry is the primary reporting that is being done in the account books related to the…

Q: Oak Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Oak Park…

A: Salaries means the amount paid to employee for the services rendered.

Q: Ski Master Company pays weekly salaries of $4,300 on Friday for a five-day week ending on that day.…

A: Salary for 5 days = $4,300 Salary per day = $4,300 / 5 = $860

Q: A business pays weekly salaries of 20,000 on Friday for a five-day week ending on that day.  The…

A: Per day salary = Total salary / Number of days salary  Total Salary = 20000 Number of days salary =…

Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…

Q: in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation…

A: Journalize the adjusting entry to record the updated vacation benefits payable account.   Vacation…

Q: Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current…

A: Journal: Recording of a business transactions in a chronological order.

Q: Zoey Bella Company has a payroll of $6,540 for a five-day workweek. Its employees are paid each…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: How to adjust this using the adjusting entries and write in general journal A seven-day (weekly…

A: Accrued salary on December 31 = Weekly salary x no. of days / 7 days = 7,000 x 2/7 days = 2,000

Q: A company’s salaried employees earn two weeks’ vacation per year. The company estimated and must…

A: Leave travel concession a/c   Dr.                                       $9,000            To leave…

Q: A business provides its employees with varying amounts of vacation per year, depending on the length…

A: Vacation expense: Vacation expense is an estimated expense for the company which the company should…

Q: Buster Industries pays weekly salaries of $49,000 on Friday for a five-day week ending on that day.…

A: Salaries for 5 days = $49,000 Days worked till Tuesday = 2 days   So the salaries are payable for 2…

Q: Baker Construction, Inc. pays its employees each Friday for the work they performed that week.…

A: Under the accrual basis of accounting, all the revenues and expenses are recorded when they are…

Q: Recording in the Accounting System Fulton Design pays employees on Friday of each five-day work…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Zuhoor Muscat Company pays a total of RO 21,600 salaries to its employees on the 23rd of each month…

A: As pet matching principle, all revenues and expenses of business for the particular period should be…

Q: Oriole provides its employees two weeks of paid vacation per year. As of December 31, 70 employees…

A: The employees are considered as the important resources for the company. The company's profit…

Q: Pablo Management has eight employees, each of whom earns $165 per day. They are paid on Fridays for…

A: Accrued wages is the amount of wages that have been accrued at the reporting date but has not been…

Q: Pablo Management has nine employees, each of whom earns $150 per day. They are paid on Fridays for…

A: On accrual basis we have pass an entry for wage expense for the work done on 31st December for 9…

Q: roofing company collects payment when jobs are complete. The work fo ne customer, whose job was bid…

A: Solution: When work has been completed but customers have not billed yet, that gives rise to…

Q: A company pays an employee $3,000 for a five-day work week, Monday–Friday. The adjusting entry on…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: Journalize the necessary adjusting entry at the end of the accounting period, assuming that the…

A: Compute the outstanding salary.

Q: The Del Pilar Enterprises pays its weekly salary of P50, 400 for a 6-day work ending on Saturday.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 4. Barnes Company has 20 employees who are each paid $80 per day for a 5-day workweek. The employees…

A: All the transactions of the company that are happened during the year will be recorded first in the…

Q: On October 5", Muscat Company hires four new employees to begin work on October 15. Each employee is…

A: The entries that are chronicled in the books so as to record the transactions on daily basis are…

Q: On October 5, Muscat Company hires four new employees to begin work on October 15. Each employee is…

A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

Q: On December 31, 20-, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Note: 1) Accrued wages is calculated on gross pay of 32,650 but not on net pay of $ 21330 2) Accrued…

Q: a Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that…

A: The practice of recording commercial transactions for the first time in the books of accounts is…

Q: Prepare adjusting entry for December 31. Show computation. Employees of the firm are paid every…

A: Total accrued wages on December 31 = (No. of employees x no. of days x Wages per day) + (No. of…

Q: Employees at Tamarisk, Inc. are paid $15600 cash every Friday for working Monday through Friday. The…

A: Amount paid on friday (5 days) = $15600 Per day amount  $15600/5 =$3120

Q: 1) LaughtonLandscaping has collected the following data for the December 31 adjusting entries: a.…

A: Journal entries is the primary reporting of the transactions occurring in the books. These are…

Q: Employees at Sheffield Corp. are paid $15900 cash every Friday for working Monday through Friday.…

A: As per the accrual concept of Accounting, 3 days salaries expense i.e. must get recorded on Dec 31…

Q: Calculate the adjustment amount for the following statements below  Then you will journalize the…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Watson Corporation pays its employees on the 15th of each month. It is December 31, and the company…

A: Lets understand the basics. Adjustment entry is required to pass at the year end to  record correct…

Q: Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be…

A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are…

Q: Pablo Management has two employees, each of whom earns $230 per day. They are paid on Fridays for…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Mason Painting Services has a weekly payroll of $30,000. December 31 falls on Wednesday and Mason…

A: Types of Accounts: Assets accounts Liabilities accounts Capital account Revenue accounts Expenses…

Q: Majan Company paid employee wages on Friday, March 25, and the next payroll will be paid in April.…

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Garcia Realty Co. pays weekly salaries of $19,250 on Friday for a five-day workweek ending on that…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.