5. Brennan and Associates, a law firm, accrued $6,800 for four days of
wages on December 31. On January 7, it paid two weeks of wages, totaling
$17,000, to employees. The company's fiscal year-end is December 31.
Prepare the journal entries for the accrued wages on December 31, the
reversing entry at the beginning of the new fiscal year, and the payment
on January 7.
What is the journal entry for this transaction? Omit explanation. (Record
debits first, then credits. Exclude explanations from any journal entries.)
Prepare the journal entry to record the accrued wages on December 31.
Account
Wages Expense
Wages Payable
Account
Wages expense
December 31
$6,800
$6,800
year.
January 1
Prepare the journal entry to record the payment on January 7.
Account
January 7