A company employs 10 workers in its manufacturing facility. Each employee is paid $10 per hour and works 8 hours per day, Monday through Friday. Employees are paid every Wednesday for the previous Monday through Friday workweek. The last payday was Wednesday, October 28.
A)Compute the dollar amount of the company's weekly payroll.
B)Prepare the adjusting entry on Friday, October 30, the last day of the fiscal period.
C)What special precautions are necessary upon recording the payment of wages to employees on the next payday, November 4?
Correct Answer:
Verified
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