Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 29 May 2018 My Price 6.00

first journal entry

Cash paid out during 2016 for wages totaled $125,000. Records indicate that salaries for the last week of December 2016 amounted to $7,500 and would be paid at the end of the first week in January 2016 (a two-week pay period).

 

The solution journal entries are:

Wages Expense $120,000

Wages Payable $ 5,000

Cash $125,000

 

Wages Expense $7,500

Wages Payable $ 7,500

 

Can someone walk me through the first journal entry? I don't understand where the $5000 wages payable is coming from.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 May 2018 06:05 PM My Price 6.00

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