Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.

Answer and Explanation:

The journal entries are shown below:

Wages expense ($18,000 * 3 days : 5 days) $10,800

To Wages payable $10,800

(Being the accrued wages is recorded)

For recording this we debited the wages expense as it increased the expenses and credited the wages payable as it also increased the liabilities