Journal Entry for Wage Accrual and Reversal
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What is the journal entry for this:
August 31 falls on a Thursday. On Friday, September 1, the part-time employee John J. Jones was paid $250 or $50 per day for a five-day work week which ended that Friday.
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Solution Summary
This solution illustrates the journal entry to accrue wages and to reverse the accrual.
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Aug. 31 Salaries and Wages Expense 200
Salaries and Wages Payable ...
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