Kelsey Gunn is the only employee of Arsenault company. His pay rate is $23.00 hourly with an overtime rate of 1.5 ftimes?for hours worked in excess of 40 per week.?
For the week ending March 31, 20xx, he worked 48 hours. Calculate his gross pay for the week using the OT premium approach to calculate the overtime pay. Since the company holds back one week of pay, Kelsey will not be paid until April 7, 20xx. What adjusting entry would the company make in order to record Kelsey's salary in the first quarter of this year??
A. Regular time
B. Overtime pay
C. Gross pay
D. Adjusting entry
What General journal entries would ?be used for this?
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