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PAYROLL ACCT., 2019 ED.(LL)-TEXT

19th Edition
BIEG
Publisher: CENGAGE L
ISBN: 9781337619783
Chapter 6, Problem 18QR
Textbook Problem
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How is the amount of accrual entry for the portion of a weekly payroll that is accrued at the end of an accounting period determined?

To determine

Describe the way in which the amount for accrual entry is computed for the weekly payroll that is accrued at the end of the accounting period.

Explanation of Solution

Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the expense is paid. Hence, accrued expenses require adjustment at the end of the year.

The adjusting entry for the accrued weekly wages...

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Chapter 6 Solutions

PAYROLL ACCT.,2019 ED.(LL)-TEXT
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