1. The weekly salaries bill for Credo Ltd is $70 000 for a five-day working...
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Accounting
1.
The weekly salaries bill for Credo Ltd is $70 000 for a five-day working week. Employees are paid on Friday for work completed to Thursday. If 30 June 2016 fell on a Wednesday, what would be the accrued salaries payable on 30 June 2016?
A.
$42 000
B.
$28 000
C.
$14 000
D.
None of the answers provided
2. OBrien Pty Ltd pays salaries on Friday to cover the five working days prior to the Friday. The weekly wages bill is $100 000. 30 June 2016 falls on a Monday. The adjusting journal entry on 30 June 2016 will be:
A.
Dr Wages expense $20 000 Cr Accrued wages $20 000
B.
Dr Wages expense $40 000 Cr Accrued wages $40 000
C.
Dr Accrued wages $20 000 Cr Wages expense $20 000
D.
Dr Accrued wages $40 000 Cr Wages expense $40 000
please show me the reason.
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