A company pays an employee $3,000 for a five-day work week, Monday-Friday. The adjusting entry on December 31, which is a Wednesday, is a debit to Wages Expense, $1,800, and a credit to Wages Payable, $1,800.

Question

Quizplus · Accepted Answer

Wages expense per day = $3,000 / 5 = $600
Wages expense for 3 days = $600 × 3 = $1,800
Debit Credit
December 31 Wages Expense 1,800
Wages Payable 1,800

A Company Pays an Employee $3,000 for a Five-Day Work