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Record the accrued wages for four days

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Question - MODERN is a store with trendy and affordable furniture. MODERN has five part-time employees, each of whom earns $210 per day. They are normally paid on Fridays for work completed on Monday through Friday of the same week. They were all paid in full on Friday, December 25, 2020. The next week, all five of the employees worked only four days because New Year's Day was an unpaid holiday. Show the adjusting entry that would be recorded on Thursday, December 31, 2020, MODERN's year-end, and the journal entry that would be made to record paying the employees' wages on Friday, January 1, 2021.

Required - Record the accrued wages for four days.

Reference no: EM133188504

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