Chapter 15, Problem 30E

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Contribution margin

Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $1,420 per day. If the month ends on Wednesday, with wages paid on Friday, how much wage expense should be accrued on Wednesday? !??

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Classify the following items as assets, liabilities or owner's equity -account payable -loan from bank -owners interest in the business -bank overdraft -furniture -account receivable -cash at bank -loan secured by mortgage -motor vehicle -inventories -land -goodwill -drawing

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Accounts receivable in the general ledger should have balance of?