A company's weekly payroll amounts to $50,000 and payday for the week is every Friday.Employees work five days per week, Monday through Friday.The appropriate journal entry was recorded at the end of the accounting period, Monday, March 31, 2014.What amount is wages expense for April for the payday, Friday, April, 4, 2014?

Question

Quizplus · Accepted Answer

Since the payday falls on Friday, April 4, the wages expense for the week of March 31-April 4 will be included in the April payroll. Therefore, the wages expense for April will be $40,000 ($50,000 - 1 day's worth of wages for April 4).

A Company's Weekly Payroll Amounts to $50,000 and Payday for the Week