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
<h3>What are Wages?</h3>
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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