Gamma Company makes the following entry whenever it pays employee wages: Dr Wage Expense Cr Cash...
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Gamma Company makes the following entry whenever it pays employee wages: Dr Wage Expense Cr Cash Gamma also accrues unpaid wages at the end of month with the entry Dr Wage Expense Cr Wages Payable At the start of June the balance in the Wages Payable account was $7,600. During June Gamma paid $30,000 in wages charging it all to Wage Expense. Analysis shows there should be $7,140 in accrued wages at the end of June. Required 1: What is the proper balance of Wages Payable at the end of June? $ Required 2: What is the proper amount of Wages Expenses for the month of June? $ Gamma Company makes the following entry whenever it pays employee wages: Dr Wage Expense Cr Cash Gamma also accrues unpaid wages at the end of month with the entry Dr Wage Expense Cr Wages Payable At the start of June the balance in the Wages Payable account was $7,600. During June Gamma paid $30,000 in wages charging it all to Wage Expense. Analysis shows there should be $7,140 in accrued wages at the end of June. Required 1: What is the proper balance of Wages Payable at the end of June? $ Required 2: What is the proper amount of Wages Expenses for the month of June? $
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Answer Proper Wages Payable Initial Balance Accruals Payments Proper Wages Payable 7600 7140 30000 ... View the full answer
Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
Posted Date:
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