Explore BrainMass

Explore BrainMass

    Current Liability Journal Entry

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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 June 4, 2020, 4:39 am ad1c9bdddf
    https://brainmass.com/business/accounting/current-liability-journal-entry-572366

    Solution Summary

    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.

    $2.19

    ADVERTISEMENT