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Employees at Concord Corporation are paid $12000 cash every Friday for working Monday through Friday. The calendar year accounting period ends on Wednesday, December 31. How much salaries and wages expense should be recorded two days later on January 2?

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Answer:

The journal entry to record wages and salaries on Friday should be:

Friday, January 2, wages and salaries:

Dr Wages and salaries expenses 7,200

Dr Salaries payable 4,800

    Cr Cash 12,000

Wages and salaries expenses includes the wages corresponding to December 29-31 (3 days) = ($12,000 / 5 days) x 3 days = $7,200

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