Chelsea Services Company pays its staff their wages every Friday. The staff works a five-day work week and the payroll amounts to $25,000 per week. The last day of January falls on a Tuesday, and an adjustment entry is needed to accrue wage expense as of January 31. Please provide that entry.
Definitions:
Average Variable Cost
The total variable costs divided by the quantity of output produced, indicating the average cost of production per unit when fixed costs are excluded.
Marginal Cost
The additional cost incurred by producing one more unit of a product or service.
Shut Down
A short-term decision by a firm to cease operations when variable costs exceed revenues, typically in a perfect competition scenario.
Short Run
A time period in economics during which at least one factor of production is fixed, limiting the ability of the economy or firm to fully adjust.
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