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Ch 3-Homework Saved Exercise 3-1 Adjusting and paying accrued wages LO P1 166 poirts Pablo Management has four part-time employees, each of whom earns $125 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2017 The next week, the four employees worked only four days becouse New Year’s Day was an unpaid holiday Prepare the adjusting entry that would be recorded on Monday, December 31, 2017 and Friday, January 4, 2018 Print References View transaction list Journal entry worksheet Record adjusting entry on Monday, December 31, 20127, Note: Enter debits before crodits Gencral Journal Debit Credit December 31, 2017 Prev 1 of 911 Next >
Expert Answer
On Monday, December 31, 2017, one day’s wages for the four employees will be recorded.
The following adjusting entry will be recorded on Monday, December 31, 2017:
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31, 2017 | Wages Expense ($125 x 4) | 500 | |
| Wages Payable | 500 |
The following journal entry will be prepared to record payment of the employees’ wages on Friday, January 4, 2018:
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 04, 2017 | Wages Expense ($125 x 4 x 4) | 2000 | |
| Wages Payable | 500 | ||
| Cash | 2500 |
