FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On the basis of the following data, (a) journalize the
1. Wages are $13,200 per day for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30, $25,000.
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- At the end of the year, the company records an adjusting entry to accrue $125,000 of wages owed to its employees for work that the employees performed during the last pay period of the fiscal year. The wages will be paid after year end. Provide the journal entry that would be necessary to record the transaction.arrow_forwardAspen Park Senior Center has a weekly payroll of $20,000. December 31 falls on Monday, and Aspen Park Senior Center will pay its employees the following Monday (January 7) for the previous full week. Assume Aspen Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of $600,000. Read the requirements. Requirement 1. Record the adjusting entry for accrued salaries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Date Dec. 31 Cash Prepaid Salaries Revenues Salaries Expense Salaries Payable Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 7. Print Done Xarrow_forward
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