Acompany pays its employees at the end of the day each friday for work done during the five-day work week from monday through friday. wages are consistently $2,500 for each week. in the current year, december 31 fell on a thursday. what adjusting entry is necessary on december 31?

Explanation:

The adjusting entry would be

Wages expense A/c Dr $2,000

            To Wages payable A/c $2,000

(Being the wages are adjusted)

Since the total wages per week is $2,500 and December 31 fell on a Thursday. So the wages which are paid from Monday to Thursday would be

= Wages per week × number of days ÷ total number of days in a week

= $2,500 × 4 days ÷ 5 days

= $2,000

its simple as this, microeconomics is the study of economics at an individual, group or company level, macroeconomics on the other hand, is the study of a national economy as a whole.

hope it =^-^=