3-5 - Assignment Print View 8/9/10 10:27 AM b. Payday...

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Page 5 of 14 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 9. award: 0.85 out of 1 point b. Payday entry: Date General Journal Debit Credit Jan. 4, 2009 Wages Payable 825 Wages Expense 2,475 Cash 3,300 Worksheet Learning Objective: 03-C1 Learning Objective: 03-P1 Arton Management has five part-time employees, each of whom earns $165 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2009. The next week, the five employees worked only four days because New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2009, and (b) the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2010. (Omit the "$" sign in your response.) a. Adjusting entry 1: Date General Journal Debit Credit Dec. 31, 2008 Wages Expense 825 Wages Payable 825 b. Payday entry: Date General Journal Debit
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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