Why is it necessary to make an adjustment if wages for work performed for the pay period

Question:

Why is it necessary to make an adjustment if wages for work performed for the pay period Monday through Friday are paid on Friday and the accounting period ends on a Wednesday?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

See More Books

Question Posted: Oct 21, 2014 02:14 AM

See More Questions

Why is it necessary to make an adjusting entry at the end of the accounting period for unpaid interest on a note payable?
Why is it necessary to make an adjustment at the end of the accounting period for unpaid interest on a note payable?
Why is it necessary to count inventory when a perpetual inventory control system is used? Explain. Why is it necessary to count inventory when a periodic inventory control system is used? Explain.
Write a text-based transaction program for recording stock levels in a warehouse. A transaction is either an import, an export, or wastage (e.g., when stock falls off a shelf and breaks) of items,...
What happens to portfolio risk as the number of assets in the portfolio increases?
From the following list of steps in the accounting cycle, identify what two steps are missing: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c....
Explain about hotel costing.
Cash Flow to Creditors The 2006 balance sheet of Marias Tennis Shop, Inc., showed long-term debt of $3.1 million, and the 2007 balance sheet showed long-term debt of $3.3 million. The 2007 income...
Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement Retained Earnings Balance Sheet Prepare an Income Statement. Note: Amounts to be deducted...
Yummy Candy Company is considering purchasing a second chocolate dipping machine in order to expand their business. The information Yummy has accumulated regarding the new machine is: Cost of the...
In which column of the work sheet Income Statement (IS) or Balance Sheet ( BS) would the adjusted balances of the following accountsappear? Account IS or BS? Account IS or BS? a. Prepaid Insurance e....
Define depreciation as it relates to a van you bought for your business.
What happens to the internal energy of water vapor in the air that condenses on the outside of a cold glass of water? Is work done or heat exchanged? Explain.
Do you think digital wallets will revolutionize electronic banking and in-store transactions? 2. How do you think digital wallets will affect traditional banks? 3. What are some of the risks of...
5.14 Strains are measured on the surface of a brass alloy part as follows: Ex 160010-6 y=1300106, and Yxy = 1500106. Estimate the in-plane stresses x, y, and Txy, and also the strain normal to the...
E) prepare preclosing trial balances at december 31,2026. for the debt service fund, considering only the proceeds, expenditures, and transfers resulting from transactions of the capital projects...
Explain at least 8 types of Google ads brieflyAnalyze the ad & share your opinion on its performance and suggest changes if required. * add the snapshots, and pictures of examples
Categorize each variable as quantitative or qualitative GPA is continuous Number of students is Discrete GPA ( Continuous) and Number of Students ( Discrete) GPA ( Discrete) and the Number of...
Which of the following measures the impact of a change in the interest rate on an option price? vega b. rho C. delta d. theta
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
WrightAir is a no-frills airline that services the Midwest. Its mission is to be the only short-haul, low-fare, high-frequency, point-to-point carrier in the Midwest. However, there are several large...
A building with a cost of $1,200,000 has an estimated residual value of $250,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (A) What is the amount of...
A building with a cost of $1,200,000 has an estimated residual value of $250,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (A) What is the amount of...
Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the current year, 4,000,000 tons were mined and sold. A. Determine the amount of...
Sociology
I am unsure how to answer question e as there are two variable changes. In each of the following, you are given two options with selected parameters. In each case, assume the risk-free rate is 6% and...
On January 1, Interworks paid a contractor to construct a new cell tower at a cost of $850,000. The tower had an estimated useful life of ten years and a salvage value of $100,000. Interworks...

Why is it necessary to make an adjustment if wages for work performed for the pay period

Question:

Step by Step Answer:

If you do not make an adjustment for wages owed to employees for working Monday Tuesd...View the full answer

College Accounting

Students also viewed these Accounting questions