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Problem - The following adjusting entry for accrued wages was recorded on December 31:
Dec. 31 Wages Expense 5,500
Wages Payable 5,500
Required -
a. Journalize the reversing entry that would be made on January 1 of the next period.
b. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.
c. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.
d. What is wages expense for the period January 1-6?
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