Chapter 2 Review of the Accounting Process Exercises 2–20 - Edubirdie

University:
Concordia University Wisconsin
Course:
ACCT 3100 | Intermediate Accounting I
Academic year:

2021
Views:

161

Pages:

1
Author:

Hallie Randolph

Exercise 2–20 Requirement 1 June 30 - adjusting entry Wages expense ($10,000 x 3/5) .......................................... Wages payable ............................................................ 6,000 July 1 - reversing entry Wages payable ................................................................ Wages expense ........................................................... 6,000 July 2 – payment of salaries Wages expense ............................................................... Cash ............................................................................ 10,000 6,000 6,000 10,000 Requirement 2 June 30 - adjusting entry Wages expense ............................................................... Wages payable ............................................................ 6,000 July 2 - payment of salaries Wages expense ............................................................... Wages payable ................................................................ Cash ............................................................................ 4,000 6,000 6,000 10,000 2– Solutions Manual, Vol.1, Chapter 2 37

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