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help me please thank you 5) Jif Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly
help me please thank you
5) Jif Company pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Jif accrues salaries expense only at its July 31 year end. Date relating to salaries earned in July 2019 are as follows: Last payroll was paid on July 26, 2019, for the 2-week period ended July 26, 2019. Overtime pay earned in the 2-week period ended July 26, 2019 was P63,000 Remaining work days in 2019 were July 29, 30, 31, on which days there was no overtime. The recurring biweekly salaries total P1,125.000 Assuming a five-day work week, Jif should record a liability at July 31, 2019 for accrued salaries of Step by Step Solution
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