On Friday 26 January Snell Tables paid employee wages up to the end of that day. The next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the business pays $800 a day in wages. The adjusting entry to accrue wages expense at the end of January is:

Question

Quizplus · Accepted Answer

The adjusting entry for an accrued expense increases an expense account and increases a liability account. The amount of this adjustment is $800 x 3.

On Friday 26 January Snell Tables Paid Employee Wages Up