Employees are paid every saturday for the preceding work

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Employees are paid every Saturday for the preceding work week. If a balance sheet is prepared on Wednesday, December 31st, what does the amount of wages earned during the first three days of the week (12/29, 12/30, 12/31) represent?

Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?

Reference no: EM13379630

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