1. For the following situation, identify and analyze the adjustment necessary on June 30, 2017. Do not round intermediate calculations. If required, round your final answer to the nearest dollar.

Question: The company operates seven days per week with a weekly payroll of $7,000. Wage earners are paid every Sunday. The last day of the month is Friday, June 30.

How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

No Entry

fill in the blank

Wages Payable

fill in the blank

fill in the blank

No Entry

fill in the blank

Wages Expense

fill in the blank

fill in the blank

(Answer is NOT -6000)