Adjusting and subsequent cash entries for accrued expenses IKEO is a store with trendy and affordable furniture

Subject:BusinessPrice:4.87 Bought7

Share With

Adjusting and subsequent cash entries for accrued expenses

IKEO is a store with trendy and affordable furniture. IKEO has five part-time employees, each of whom earns $280 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 26, 2017. 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 Wednesday. December 31 2017 IKEO's year end and the journal entry that would be made to record paying the employees wages on Friday, january 2,2018.