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The company pays its employees each Monday for the work performed during the preceding 5-day work week. Total payroll for one week is $25,000. December 31 fell on a Wednesday. (1) Make the journal entry necessary to record wages payable

The company pays its employees each Monday for the work performed during the preceding 5-day work week. Total payroll for one week is $25,000. December 31 fell on a Wednesday.
(1) Make the journal entry necessary to record wages payable as of December 31.
(2) Make the journal entry necessary on the following January 5 to record payment of wages for the preceding week. Assume that this is a very strict company and that there were no holidays during the week.

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Intermediate Accounting

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Details
Chapter # 17
Section: Practice Exercises
Problem: 1
Posted Date: January 28, 2012 05:30:51
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