requirement 2. journalize the subsequent journal entries for adjusting entries a, d, and g. (record debits…
requirement 2. journalize the subsequent journal entries for adjusting entries a, d, and g. (record debits first, then credits. select the explanation on the last line of the journal - entry table.) a. each friday laughter legal services pays employees for the current weeks work. the amount of the weekly payroll is $6,000 for a five - day workweek. this year december 31 falls on a tuesday. laughter legal services will pay its employees on january 3. journalize the subsequent journal entry that laughter legal services will record on january 3.\ndate accounts and explanation debit credit\njanuary 3
Answer
Explanation:
Step1: Calculate accrued payroll for Dec 31
The weekly payroll is $6,000 for a 5 - day workweek. So the daily payroll is $\frac{6000}{5}=1200$. December 31 is a Tuesday, so 2 days of payroll are accrued ($1200\times2 = 2400$). On January 3, we need to reverse the accrued payroll and record the full - week payment.
Step2: Record the journal entry
The journal entry on January 3 will be to debit the Wages Expense (for the 3 days of work in the new week) and the Wages Payable (for the 2 days of accrued wages from the previous year) and credit the Cash account (for the full - week payment).
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| January 3 | Wages Expense ($1200\times3$) | 3600 | |
| Wages Payable ($1200\times2$) | 2400 | ||
| Cash | 6000 | ||
| (To record payment of weekly payroll and reverse accrued wages) |
Answer:
| Date | Accounts and Explanation | Debit | Credit |
|---|---|---|---|
| January 3 | Wages Expense | 3600 | |
| Wages Payable | 2400 | ||
| Cash | 6000 | ||
| (To record payment of weekly payroll and reverse accrued wages) |