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25 July, 14:49

Pablo Management has five part-time employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. New Year's Day. (January 1) was an unpaid holiday. 1. Prepare the year-end adjusting entry for wages expenses. 2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4.

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  1. 25 July, 14:55
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    wages expense 1,250 debit

    wages payable 1,250 credit

    --year-end accrued wages--

    wages expense 3,750 debit

    wages payable 1,250 debit

    cash 5,000 credit

    --Jan 4th payment--

    Explanation:

    At year-end we must match the wages expenses with the period.

    December 31 is Monday so we accrued wages for this day only:

    5 employees x 250 dollars each = 1,250

    Then on Friday we pay for Monday and the other days:

    1,250 per day x 4 days = 5,000 cash proceed

    we already recognize 1,250

    wages expense for the period 3,750

    we also need to write-off the payable we determinate on December 31th.
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