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As an example, on December 31, 2002 you owe your employees one week of salary that will be paid on January 7, 2003. The gross wages for that week are $1,512.00. Make the following general journal entry: |
If you have employees, chances are you owe them a certain amount of wages at the end of an accounting period. If so, an adjusting entry is required in your general journal.
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| Debit | Credit | |
| Wages expense | 1,512 | |
| Accrued wages | 1,512 | |
| To accrue wages owed but unpaid on 12/31/2002 | ||