If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of wages earned but not paid at the end of the...

A company pays its employees $4,000 each Friday, which is equal to $800 per day during the five-day work week that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of wages earned but not paid at the end of the accounting period is $3,200. An entry must be made for this $3,200 to meet the accounting principle/concept of:

A_)$800.

B) full and fair disclosure

C) parity

D) adequate internal controls

E) historical cost

Expert Answer

A company pays its employees $4,000 each Friday, which is equal to $800 per day during the five-day work week that begins on Monday. If the monthly accounting period ends on Thursday and the employees worked through Thursday, the amount of wages earned but not paid at the end of the accounting period is $3,200. An entry must be made for this $3,200 to meet the accounting principle/concept of: A_)$800. B) full and fair disclosure C) parity D) adequate internal controls E) historical cost

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