June 30,2010,the end of the quarter is on a Wednesday.Employees get paid each Friday for the week worked.Abel Co.has five employees who earn $100 per day each.Assuming the proper adjusting journal entry was made on June 30,prepare the journal entry to record the payment of wages on July 2.

Question

Quizplus · Accepted Answer

Wages Payable……………...$1,500
Cash……….……………………....$2,500
 5 * $100 * 3 days = 1,500 (Wages Payable) 5*$100*2 days (Wages Expense)

June 30,2010,the End of the Quarter Is on a Wednesday