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Determine the payroll accrual at the end of the month

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The Travers Company is open each day of the year. The annual payroll for hourly employees is $182,500. Wages are paid on a biweekly basis on each Friday for the pay period ending on Thursday. The last day of the month is on Wednesday. The last pay period ended on the prior Thursday.

REQUIRED:

Question 1: Determine the payroll accrual at the end of the month.

Question 2: Prepare the journal entry to record the accrual.

Reference no: EM132471557

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