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16 August, 02:57

Pablo Management has two employees, each of whom earns $120 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the two employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4.

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  1. 16 August, 06:09
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    December 31:

    To record accrued wages for one day : (2 workers * $120) = $240

    January 4:

    To record accrued and current wages.

    Wages expenses = 2 workers * 3 days * $120 = $720

    Cash = 2 workers * 4 days * $120 = $960

    Balance=$240

    1.) December 31

    Wages expenses $240

    Wages payable $240

    2.) January 4 General Journal

    Wages payable $240 (Debit)

    Wages expenses $720 (Credit)

    Cash $960
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