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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 6
Preparing and Posting Adjusting Journal Entries
At December 31, the unadjusted trial balance of H R Tacks reports Wages Payable of $0 and Wages Expense of $20,000. Employees have been paid for work done up to December 27, but the $1,200 they have earned for December 28-31 has not yet been paid or recorded. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
At December 31, the unadjusted trial balance of H R Tacks reports Wages Payable of $0 and Wages Expense of $20,000. Employees have been paid for work done up to December 27, but the $1,200 they have earned for December 28-31 has not yet been paid or recorded. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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