IKEO is a store with trendy and affordable furniture. IKEO has five part-time employees, each of whom
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IKEO is a store with trendy and affordable furniture. IKEO has five part-time employees, each of whom earns $280 per day. They are normally paid on Fridays for work completed on Monday through Friday of the same week. They were all paid in full on Friday, December 26, 2017. The next week, all five of the employees worked only four days because New Year’s Day was an unpaid holiday. Show the adjusting entry that would be recorded on Wednesday, December 31, 2017, IKEO’s year-end, and the journal entry that would be made to record paying the employees’ wages on Friday, January 2, 2018.
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Adjusting entry 2017 Dec 31 Wages Expense 4200 Wages Payable 4200 Adjusting entry to ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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