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Zoey Bella Corp. has a payroll of $7,960 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Required: Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.

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Answer:

Dr Wages expense $6,368

Cr Wages payable $6,368

Explanation:

Preparation ofn the adjusting entry on December 31 assuming the year ends on Thursday

Based on the information adjusting entry on December 31 assuming the year ends on Thursday will be :

Dr Wages expense $6,368

Cr Wages payable $6,368

[($7,960/5 days)*4]

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