Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet Record payment of the employees' wages on Friday, January 4. Note: Enter debits before credits. Debit Credit Date General Journal January 04 Wages payable Wages expense Vlow general Journal Clear entry Record entry
Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday. Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4. View transaction list Journal entry worksheet Record payment of the employees' wages on Friday, January 4. Note: Enter debits before credits. Debit Credit Date General Journal January 04 Wages payable Wages expense Vlow general Journal Clear entry Record entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for work completed Monday
through Friday of the same week. Near year-end, the six employees worked Monday, December 31, and Wednesday through Friday,
January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday.
Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4.
View transaction list
Journal entry worksheet
Record payment of the employees' wages on Friday, January 4.
Note: Enter debits before credits.
Debit
Credit
Date
General Journal
January 04
Wages payable
Wages expense
Vlew general Journal
Clear entry
Record entry
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Step 1
To keep track of financial transactions, journal entries are used. You enter transaction details into your company's books to create a journal entry. In the second step of the accounting cycle, your journal entries are entered into the general ledger. Every journal entry in the general ledger will include the transaction date, amount, affected accounts with account numbers, and a description. The journal entry may also include a reference number, such as a check number, and a brief description of the transaction.
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