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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?
UCC Section 2-301
A provision of the Uniform Commercial Code dealing with the obligation of the seller to transfer and deliver goods, and the buyer’s obligation to accept and pay for them.
Conforming Goods
Products that meet the specifications and requirements stipulated in a sales or supply contract.
Basic Duty
An essential or fundamental obligation required by law, contract, or ethical considerations.
Usage of Trade
Established customs and practices in a particular industry or market that are widely accepted and that parties to a contract are presumed to follow.
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