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What reversing entry would the firm prepare on january

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Reference no: EM132684013

If a firm made the following adjusting entry on December 31, 2019:

Wages Payable 210,000

Wages Expense 210,000

Problem 1: What "reversing entry" would the firm prepare on January 1, 2020?

(If necessary, you may assume that employees are twice each month, on the 15th and last day, with a "lag" of one pay period. For example, wages earned in the last half of December 2019 would be paid on January 15th, 2020.)

Reference no: EM132684013

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