On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December 31

Question:

On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December 31 is a Wednesday, then Sanchez Company must account for three days of wages.

The company operates on a five-day workweek, the prior week's gross pay (December 26 payday) was $29,870, and the net pay was $19,995.

Journalize the adjusting entry to be made on December 31 for the accruedwages.

On December 31, 20--, Sanchez Company needed to record its

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Payroll Accounting

ISBN: 978-1133962533

2013 edition

Authors: Bernard J. Bieg, Judith A. Toland

See More Books

Question Posted: Oct 10, 2013 03:03 AM

See More Questions

On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December 31 is a Tuesday, then Karmansky Company must account for two days of wages. The company operates...
OnDecember 31 2007, Karmansky Company needed to record its accrued wages for year-end. December 31 is a Tues, and Karmasky Company must account for two days of wages. The company operates on a...
Journalize the adjusting entry needed on December 31 the end of the current accounting period, for each of the following independent cases affecting Irons Corp. Include an explanation for each entry....
A spring is at rest in the vertical direction. When a 5 kg mass is placed upon the spring, the length of the spring compresses to 0 . 2 0 meters. The 5 kg mass is removed and replaced by an 8 kg...
Is the relation instance SHIRT in Exercise 2 in 5NF? If the answer is yes, explain. If the answer is no, provide a solution.
Trader Joe's is a privately held chain of specialty grocery stores in the United States. Starting out as a small chain of convenience stores, it has expanded to over 340 stores as of June 2010...
Example 5.5 shows how to determine the rotor rotation speed and its gap width to produce emulsion particles $5 \mu \mathrm{m}$ in diameter. If it is decided that the emulsion particle diameter...
The city of Glendale borrows $48 million by issuing municipal bonds to help build the Arizona Cardinals football stadium. It plans to set up a sinking fund that will repay the loan at the end of 10...
3 - The company purchasedequipment worth $ 4 1 , 0 0 0 onJuly 1 st . The equipment had a ten year life. What is the amount that should be used for the third adjusting entry provided.
A sociologist conducting a survey at a mall interviews 120 people about their cell phone use. Describe the sample and describe a reasonable population.
On December 31, 2013, Santucci Company has a balance of $619.24 in the FUTA taxes payable account. This represents the employer's liability for the fourth quarter taxes. Journalize the entry Santucci...
John Torre is the only employee of Bambert Company. His pay rate is $19.70 per hour with an overtime rate of 1 time for hours over 40 in a workweek. For the week ending March 31, 20--, he worked 44...
Novice investors sometimes forget to account for trading costs when buying and selling stock. How much would a stock price need to increase (stated as a percentage) in order for Camerin to break even...
Discuss how Smiths stated expectation would be reflected in estimated portfolio risk under the fee structure identified by Porter. After narrowing their choice to three managers with different fee...
Determine which of the three investment vehicles is most appropriate for Circues IPS. Justify your response. Porter and Smith next consider how the performance-based fee structures of the prospective...
An investor is considering hiring three managers who have the following skill levels: Type I and Type II errors both occur when the investor is: A. hiring Manager 1 for large-cap stocks and not...
Identify which investment vehicle best addresses each characteristic highlighted in Parades IPS by placing a check mark where appropriate. Justify your response. Lute is particularly concerned about...
Discuss one advantage and one disadvantage to the client of each managers contracted fee structure. Institutional investment consultant Wilsot Consultants (Wilsot) is reviewing multiple investment...
Who should attend the site pre-bid meeting?
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
Mary Martin owns a custom curtain/ drapery business. In 2018, she purchased three new sewing machines and in a separate transaction, sold her three old machines for $\$ 6,000$. She had bought the...
Connie Gibbs collected a $2,000 bonus for her department's safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due...
Hunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over $650 in tips. The restaurant uses the full tip credit against the minimum wage and pays...
Jamie Kerr is an hourly employee of Noonan Company located in Los Angeles. This week, Kerr had to travel to the company's regional office in Santa Fe. He left Sunday at noon and arrived in Santa Fe...
Could Arthur Murray have created language that would have avoided the application of impossibility of performance? What if Parker was not incapac-itated but that it was simply painful to dance after...
In the text's case on the county clerk and marriage licenses, whatare the ethical issues involved? What are the conflicting ethical values and whichvalues were maximized/minimized? The Case of the...
2 Altira Corporation provides the following information related to its inventory during the month of August 2024: August 1 Inventory on hand-2,000 units%;B cost $5.30 each. August 8 Purchased 8,000...

On December 31, 20--, Sanchez Company needed to record its accrued wages for year-end. If December 31

Question:

JOURNAL POST REF DATE DESCRIPTION DEBIT CREDIT

Step by Step Answer:

Wages 179...View the full answer

Payroll Accounting

Students also viewed these Accounting questions