Kelsey Gunn is the only employee of Arsemault Company. His pay rate is $23,00 per hour with an overtime rate of 11/2 times for hours over 40 in a workweek.
For the week ending March 31, 2012, he worked 48 hours. Calculate his gross pay for the week using the overtime premium approach to calculate the overtime pay.
Since the company, holds back one week of pay, Gunn they not paid until April 7, 2012, what adjusting entry would the company make in order to record Gunn’s salary in the first quarter of this year?
a. Regular pay 920.00
b. Overtime pay 34.50
c. Gross pay 954.50
d. Adjusting entry 920.00