Clear Cleaning Services pays out wages every week on Friday. Payroll expense totals $4,000 per week, based on a 5-day week. The month of June ended on a Thursday. On Thursday, June 30, Clear made the following accrual adjustment: 
At the same time, they prepared the following reversing entry to be booked on July 1: 
On Friday afternoon, when wages were paid out, what journal entry was made?
Definitions:
Long-run Equilibrium
Long-run equilibrium occurs in a market when all producers and consumers have fully adjusted to any changes in the market conditions, with no excess supply or demand.
Economic Profits
The variance between total income and total expenses of a business, factoring in both clear and hidden costs.
Constant-cost Industry
An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.
Industry Supply
The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.
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