Question

Tamarisk, Inc. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $33840. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end?

Answer 1

Daily wages would therefore be;

= 33,840/5

= $‭6,768‬ per day

Week ends on wednesday which is 3 days into the week.

= ‭6,768‬ * 3

= $‭20,304‬

Journal Entry

Date Details Debit Credit

September 30 Salaries and Wages Expense $20,304

Salaries and Wages Payable $20,304