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

The wages expense for April 4, 2014, would be for the four days worked in April (Tuesday to Friday), which is 4/5 of the weekly payroll: $50,000 * (4/5) = $40,000.

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