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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