Question
A business has a December 31 year end. Employees earn a combined salary of $6,300 per seven-day work week. They were last paid on Friday,
A business has a December 31 year end. Employees earn a combined salary of $6,300 per seven-day work week. They were last paid on Friday, Dec. 25 (Saturday to Friday pay period) and will next be paid in two weeks on Friday, Jan. 8. December 31 is a Thursday. Prepare the year end adjusting entry.
Prepare the subsequent cash entry of the payment for January 8.
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Sound Investing, Chapter 1 - The Financial Pressure
Authors: Kate Mooney
2nd Edition
0071719237, 9780071719230
