Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour

Question:

Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, October 20.

Required 1. Compute the dollar amount of the weekly payroll.

2. Identify and analyze the transaction on Friday, October 27, for the payment of the weekly payroll.

3. Denton prepares monthly fi nancial statements. Identify and analyze the adjustment on Tuesday, October 31, the last day of the month.

4. Identify and analyze the transaction on Friday, November 3, for the payment of the weekly payroll.

5. Will net income for the month of October be understated or overstated if Denton doesn’t bother with an adjustment on October 31? Explain your answer.

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