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Current Liability Journal Entry

by | Dec 1, 2023 | Posted Questions

Current Liability Journal Entry

Employees are paid every Saturday for the preceding work
week. If a balance sheet is prepared on Wednesday, December 31st, what does the
amount of wages earned during the first three days of the week (12/29, 12/30,
12/31) represent? Explain.

What journal entry would be made for the days worked and
what entry would be made when the wages are paid on Saturday?

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