Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31st, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent? Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?© BrainMass Inc. brainmass.com September 23, 2018, 6:15 am ad1c9bdddf - https://brainmass.com/business/accounting/current-liability-journal-entry-572366
The solution contains a formatted MS Excel spreadsheet which illustrates the proper journal entry for salaries payable entry, and the journal entry necessary when the debt obligation is paid.