Answer:
wages expense 1,250
wages payable 1,250
-- to record accrued wages ---
wages expense 1,250
wages payable 3,750
cash 5,000
--to record payment of wages ---
Explanation:
5 employee x 250 each = 1,250 per day
on monday december 31th the companny will record the accrued wages
it will recognize the expense for the period and declare the payable.
on January fourth we will pay for four days:
1,250 x 4 = 5,000
one days was already accrued: 1,250
so the expense for this week will be: 3,750
