Question
Gamma Company makes the following entry whenever it pays employee wages: Dr wage Expense Cr cash Gamma also accrues unpaid wages at the end of
Gamma Company makes the following entry whenever it pays employee wages:
Dr wage Expense
Cr cash
Gamma also accrues unpaid wages at the end of month with entry
Dr wage expense
Cr Wages payable
At the start of June the balance in the wages payable account was $7,600. During June Gamma paid $30,000 in wages charging it all to Wage expense. Analysis shows there should be $7,140 in accrued wages at the end of June
Required 1: What is the proper balance of wages payable at the end of June? $
Required 2: what is the proper amount of Wages Expenses for the month of June? $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started