Question

Assume December 31 is a Wednesday. Weld-Rite Company’s wages are paid every Friday, and the weekly payroll (for five days) amounts to $6,000. To record the correct amount of expense for December, Weld-Rite makes the following entry on December 31: __________________________.

Answer 1

Answer:

Please see explanation

Explanation:

The following journal entry shall be recorded in the accounts of Weld-Rite Company  in respect of salaries expense to be accrued as at December 31:

                                                           Debit                Credit

Salaries expense                              $3,600

(6,000/5*3)                                                                

Salaries payable                                                         $3,600