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Exercise 3-3 Adjusting and paying accrued wages LO P3


Exercise 3-3 Adjusting and paying accrued wages LO P3


Pablo Management has ten employees, each of whom earns $195 per day. They are normally paid on Fridays for work completed. Monday through Friday of the same week. Near year-end, the ten employees worked Monday, December 31, and Wednesday through Friday, January 2.3, and 4 . New Year's Day (January 1) was an unpaid holiday.


Prepare the year-end adjusting entry for wages expense and record payment of the employees' wages on Friday, January 4.



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Answer #1
Journal Entries
Date Particulars Debit Credit
31-Dec Salaries and wages expense (10*$195*1) $1,950
       Salaries and wages payable $1,950
(To record salaries accrued)
04-Jan Salaries and wages expense (10*$195*3) $5,850
Salaries and wages payable $1,950
        Cash $7,800
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