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Employees work Monday to Friday and employees are paid weekly. December 31, 2020 is a Thursday. Assume that hourly employees work 8 hours per day and that there are 52 weeks a year for salaried employees.

Employees work Monday to Friday and employees are paid weekly. December 31, 2020 is a Thursday. Assume that hourly employees work 8 hours per day and that there are 52 weeks a year for salaried employees.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

k. Accrue wages Employees work Monday to Friday and employees are paid weekly. December 31, 2020 is a Thursday. Assume that hourly employees work 8 hours per day and that there are 52 weeks a year for salaried employees.
Transcribed Image Text:k. Accrue wages Employees work Monday to Friday and employees are paid weekly. December 31, 2020 is a Thursday. Assume that hourly employees work 8 hours per day and that there are 52 weeks a year for salaried employees.
Title Wage $ 125,000.00 annually $ 85,000.00 annually $ 75,000.00 annually $ 75,000.00 annually $ 65,000.00 annually $ 65,000.00 annually Accountant $ 40,000.00 annually 21.50 hourly President Controller Sales Sales Supervisor Supervisor Labourer Labourer 21.50 hourly Labourer 21.50 hourly Labourer 21.50 hourly SSS SS
Transcribed Image Text:Title Wage $ 125,000.00 annually $ 85,000.00 annually $ 75,000.00 annually $ 75,000.00 annually $ 65,000.00 annually $ 65,000.00 annually Accountant $ 40,000.00 annually 21.50 hourly President Controller Sales Sales Supervisor Supervisor Labourer Labourer 21.50 hourly Labourer 21.50 hourly Labourer 21.50 hourly SSS SS
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