第4章---会计循环：应计和递延.pptVIP

4 Here is an example of accrued wages. Webb Company pays its employees each Friday. The end of the current month, May, is on Wednesday. There have been $3,000 in wages earned by Webb’s employees from Monday, May 29th, through Wednesday, May 31st. Can you prepare the adjusting journal entry required of Webb on May 31st? 4 As with most expense accruals, Webb will debit an expense account, in this case Wages Expense, for $3,000 and credit a liability account, in this case Wages Payable, for $3,000.The wages earned by employees during May will be recorded in the proper period. 4 The balance in the Wages Payable liability account is $3,000 and will appear on the balance sheet of Webb at May 31st. The Wages Expense account will be increased by $3,000, and this amount will be included on May’s income statement. 4 Two thousand dollars of wages were earned by employees on Thursday, June 1st, and Friday, June 2nd. Let’s look at the entry Webb will make on payday, Friday, June 2nd.We need to be careful because part of the $5,000 of total wages expense has already been recognized.Try to make this entry to record the wages on June 2nd before going to the next screen. 4 Wages Expense should have a debit for $2,000, the portion of the total payroll applicable to June. Next, eliminate the Wages Payable for $3,000. The balance in the Wages Payable account is now zero. Finally, credit the Cash account for the full cost of the payroll, $5,000.Now let’s explore accrued revenues. 4 Part IOne of the keys to understanding the accrual of expenses is to realize that an expense has been incurred in the current accounting period but will not be paid until the following accounting period. For example, you may purchase gasoline from the local service station using a credit card. You have incurred the expense for the gasoline but have not recorded the cost. You probably will not record your expense until the following period when the credit card statement comes. Companies cannot fo