On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues two...
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Accounting
On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues two day's wages of $400 ($200 per day). The proper 12/31/12 closing entries are made. On 1/1/13, Strickland makes the reversing entry. Strickland pays the weekly payroll of $1,000 on 1/3/13. The balance in the Wage Expense account after the 1/3/13 journal entry will be:
Select one:
a.
$0
b.
$400
c.
$600
d.
$1,000
e.
$1,200
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