Question

pablo management has five employees, each of whom earns $250 per day. they are paid on fridays for work completed monday through friday of the same week. near year-end, the five employees worked monday, december 31, and wednesday, thursday, and friday, january 2, 3, and 4. new year’s day (january 1) was an unpaid holiday. prepare the december 31 year-end adjusting entry for wages expense and record payment of the employees’ wages on friday, january 4.

Answer 1

Pablo Management has five part-time employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4 New Year's Day. (January 1) was an unpaid holiday.

1. December 31 Wages expense (debit) 1250

Wages Payable (credit) 1250

2. January 4 Wages expense (debit) 3750

wages payable (debit) 1250

Cash (credit) 5000

What are Wages?

A wage is the sum of money that an employer pays an employee for work that was completed within a certain time frame. The minimum wage, prevailing rate, annual bonuses, and remunerative rewards like prizes and tip payments are a few examples of wage payments.

A person's pay is the sum of money that is routinely given to them in exchange for the labour that they perform. He now makes more money. 

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