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Effect on a financial statement item

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Reference no: EM132044116

Adjustments:

Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2017:

For each of the following situations, identify and analyze the adjustments to be recorded on March 31, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar.

The company's plant operates seven days per week with a daily payroll of $950. Wage earners are paid every Sunday. The last day of the month is Friday, March 31.

Activity Operating 

Accounts Wages Payable Increase, Wages Expense Increase 

Statement(s) Balance Sheet and Income Statement

How does this entry affect the accounting equation?

If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.

Reference no: EM132044116

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