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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ADJUSTMENT FOR WAGES On July 31, the trial balance shows wages expense of $800. An additional $150 of wages was earned by the employees but has not yet been paid. Analyze the required adjustment using T accounts, and then formally enter this adjustment in the general journal.

To determine

Analyze the given adjustment for wages using T accounts and also prepare the journal entry to formally enter the given adjustment.

Explanation

Adjusting entries:

Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

Analyze the given adjustment using T-account.

Prepare journal entry to record the given adjustment.

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