2: Accrued Wages: Each week, on Friday, we pay out the wages for our employees....
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Accounting
2: Accrued Wages: Each week, on Friday, we pay out the wages for our employees. On Friday, they will get paid $1,000. However, if the end of the accounting period ends on Monday, journalize the following two entries. You can omit the date and the descriptions. 1: Adjusting entry to account for the wages earned in the current month 2: Entry that would be made on Friday when the wages are actually paid out Monday Adjusting Entry: Friday Entry: I 3: On January1st, we purchased $5,000 worth of supplies for cash. At the end of January, we go and take a look at our supplies. We have $4,000 of supplies on hand. Journalize the entry on January 1s as well as the adjusting entry. You may omit the date and the descriptions. January 14 Adjusting Entry
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