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BACC012 Online Quiz- Week 3 | LA003
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Linh Do Accounting Business owes two days of salary to an employee at 30 June 2025. The salary is $550 per day. The adjusting entry to be made at the end of the financial year is Debit [ Select ] Wages payable Wagesexpense Wages income Account payable Cash and Credit Wagespayable by $ [ Select ] 1500 1000 1100 550 .
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We need to analyze the adjusting entry required at 30 June 2025 for two days of salary outstanding.
First, calculate the total salary to be accrued: 2 days × $550 per day = $1,100.
The adjusting entry should recognize the wage expense that was incurred in the period and establish a liability for the am......Login to view full explanationLog in for full answers
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