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| 1. | Wages are uniformly $66,000 for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27. |
| 2. | Accrued fees earned but not recorded at June 30, $25,000. |
a. Using the above data, journalize the adjusting entries at June 30, the end of the current fiscal year.
| (1) | | | |
| | | | |
| | Accrued wages | | |
| | | | |
| (2) | | | |
| | | | |
| | Accrued fees earned. | | |
b. Using the above data, journalize the reversing entries on July 1, the first day of the following year.
| (1) | | | |
| | | | |
| | Reversing entry. | | |
| | | | |
| (2) | | | |
| | | | |
| | Reversing entry. | | |
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