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A company was in the last week of December 2019. It pays employees on Fridays for a seven-day work week that begins the prior
A company was in the last week of December 2019. It pays employees on Fridays for a seven-day work week that begins the prior Friday and ends on the Thursday preceding the pay day. The salaries and wages for the 7-days total $902,160. The employees earn the same daily amount. In 2019, the year end [December 31] fell on a Tuesday. Based on the information, the following entry would be appropriate at year end December 31st: Salaries & Wages Expense $902,160 Cash $902,160 Salary & Wages Expense $721,728 Salary & Wages Payable $721,728 Salaries & Wages Expense $644,400 Salary & Wages Payable $644,400 O Salaries & Wages Expense $180,432 Salary & Wages Payable $180,432 none of these entries are correct
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