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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 40
Reversing entry
The following adjusting entry for accrued wages was recorded on December 31:
A. Journalize the reversing entry that would be made on January 1 of the next period.
B. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.
C. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.
D. What is wages expense for the period January 1-6?
The following adjusting entry for accrued wages was recorded on December 31:
A. Journalize the reversing entry that would be made on January 1 of the next period.
B. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.
C. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.
D. What is wages expense for the period January 1-6?
Explanation
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Reversing Entry
Reversing entry is exac...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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