7-6 Weekly Wage Payment Entries and the Month-End Wages Payable Adjusting Entry Requirement 1 -- Wage payment on Friday June 25th Date 6/25/xx Account Name Debit Credit Requirement 2 Total amount earned by the employees for: Monday June 28th + Tuesday June 29th + Wednesday June 30th Requirement 3 -- June 30 Wages Payable adjusting entry Date 6/30/xx Account Name Requirement 4 -- Wage payment on Friday July 2nd Date 7/02/xx Account Name Debit Credit Debit Credit Problem 7-6 Weekly Wage Payment Entries and the Month-End Wages Payable Adjusting Entry Baker Construction, Inc. pays its employees each Friday for the work they performed that week. Baker's employees only work on Monday through Friday. They do not work on Saturday or Sunday. Baker produces monthly financial statements; thus they prepare adjusting entries at the end of each month. For the month of June, the last payday was on Friday June 25th. The last day of June was on Wednesday June 30th. The first payday of July was on Friday July 2nd. The following partial calendar shows these days and dates: Sunday Monday Tuesday Wednesday Thursday Friday Saturday June 20 June 21 June 22 June 23 June 24 June 25 June 26 June 27 June 28 June 29 June 30 July 1 July 2 July 3 The following table shows the amount the employees were paid on Friday June 25th and on Friday July 2nd. The table also shows the data required to calculate the amount the employees earned for the last three workdays of June. Wages paid on Friday, June 25th Wages paid on Friday, July 2nd $6,200 $5,950-- Data for June 28, 29, & 30 - the last three days worked in June: Number of employees working each day .......... 10 employees per day Hours each employee worked per day Hourly wage rate 8 hours per day $16 per hour Chapter 7 - Adjusting Entries Problem 7-6 (continued) SOLID FOOTING 91 The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. Cash Wages Payable Wages Expense Use the forms on Tab 7-6 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry to record the wage payment made to the employees on Friday June 25th Requirement 2 Chapter 7 - Adjusting Entries Problem 7-6 (continued) SOLID FOOTING 91 The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. Cash Wages Payable Wages Expense Use the forms on Tab 7-6 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry to record the wage payment made to the employees on Friday June 25th. Requirement 2 Calculate the total amount the employees earned for: Monday June 28th + Tuesday June 29th + Wednesday June 30th. Requirement 3 Prepare the June 30 General Journal adjusting entry for Wages Payable. Requirement 4 Prepare the General Journal entry to record the wage payment made to the employees on Friday July 2nd Hint: A portion of the wage payment is paying-off the Wages Payable liability that was recorded in the June 30th adjusting entry, and a portion of the wage payment is Wages Expense for the month of July