The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Wages are earned evenly throughout the five-day workweek, and $22,000 will be paid on Friday, July 2.
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Prepare an adjusting entry to record the accrued wages as of June 30, a reversing entry on July 1, and an entry to record the payment of wages on July 2.
- 1. Record the accrued wages as of June 30.
- 2. Record the reversing entry on July 1.
- 3. Record the payment of wages on July 2.
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Prepare journal entries to record the accrued wages as of June 30 and the payment of wages on July 2 assuming a reversing entry is not made.
- Record the accrued wages as of June 30.
- 2. Record the payment of wages on July 2 assuming a reversing entry is not made.
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