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 31,2017.What amount is wages expense for April for the payday,Friday,April,4,2017?
A)$0
B)$40,000
C)$10,000
D)$50,000

Question

Quizplus · Accepted Answer

The payroll for the week of March 31, 2017 was recorded as an expense in March. Therefore, it should not be included in the wages expense for the month of April. The wages expense for the payday on April 4, 2017 would be the amount that was paid on that day, which is $40,000 (assuming no adjustments or accruals). Therefore, the correct answer is B.

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