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Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $15, 600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $39, 000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.

Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $15, 600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $39, 000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.

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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Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $15, 600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $39, 000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.

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