Answer:
Dr Salaries & Wages Expense $33,120
Cr Salaries & Wages Payable $33 120
Explanation:
Riverbed’s December 31, 2020, adjusting entry.
Dr Salaries & Wages Expense $33,120
Cr Salaries & Wages Payable $33 120
(24 employees x 2 weeks x $690 = $33,120)
Answer:
Dr. Wages Expense $33,120
Cr. Wages Payable $33,120
Explanation:
When an Expense is accrued it is recorded with the debit entry and a cash payment or a liability is created against this expense. In this Question the wages expense account is debited and Wages payable account is credited as a liability and it will be adjustment at the time of payments.
As per given Data
Average Salary per week = $690
Vocation Time earned = 2 weeks
Number of Employees = 24 employees
Total Vocation wages expense = $690 x 2 x 24 = $33,120
