Merando Industries Employs a Five-Day Workweek and a September 30

question 120

Multiple Choice

Merando Industries employs a five-day workweek and a September 30 year-end.Normal weekly wages amount to $36,000.If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end?

• A)Dr Salaries and Wages Expense $21,600 Cr Salaries and Wages Payable $21,600
• B)Dr Salaries and Wages Expense $36,000 Cr Salaries and Wages Payable $36,000
• C)Dr Salaries and Wages Expense $7,200 Cr Salaries and Wages Payable $7,200
• D)Dr Salaries and Wages Expense $21,600 Cr Cash $21,600

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Definitions:

Leisure Time

Free time that an individual can spend away from work, chores, and other compulsory activities, often used for relaxation or hobbies.

Labor Supply Curve

A visual diagram illustrating how the quantity of labor supplied is influenced by changes in the wage rate.

Leisure

Free time available to individuals when they are not engaged in work or essential activities, often used for relaxation or recreation.

Labor Supply Curve

A graphical representation that shows the relationship between the quantity of labor willing to be provided and the wage rate.