Question
Shehata Coffee Shop incurs a monthly wage expense of $10,000 (ignore any taxes or payroll deductions). The 10,000 payment to employees related to February 2021
Shehata Coffee Shop incurs a monthly wage expense of $10,000 (ignore any taxes or payroll deductions). The 10,000 payment to employees related to February 2021 will take place on Monday, March 1st. What journal entry, if any, will SCS record on the following dates:\ \ February 28, 2021: 3 points: 1.5 points each for the correct account, debit/credit and amount; make it clear an expense and a liability (actual title is not as important)\ Wage Expense 10,000\ Accrued Wages Payable 10,000\ \ \ March 1, 2021; 2 points 1 point for the correct account, debit/credit and amount\ Wages payable 10,000\ Cash 10,000\ Indicate below Wage Expense that will be reported on the Income Statement for the months of February and March.
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