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:
Schedule of Cost
A detailed listing of all costs, both fixed and variable, associated with producing a good or delivering a service.
Finished Goods Inventory
The stock of completed products ready for sale, not yet sold to customers.
Cost of Goods Manufactured
The total production cost of goods completed and made ready for sale during a specified period.
Manufacturing Overhead
All overhead costs related to the production process, apart from direct materials and direct labor expenses.
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