Complete Cleaning Services Pays Out Wages Every Week on Friday $\begin{array}{|l|c|c|}\hline \text { Wages Expense } & 3,200 \\\hline \text { Wage Payable } &&3,200 \\\hline\end{array}$

question 95

Essay

Complete Cleaning Services pays out wages every week on Friday.Payroll expense totals $4,000 per week,based on a five-day week.The month of June ended on a Thursday.On Thursday,June 30,Complete made the following accrual adjustment:
$\begin{array}{|l|c|c|}\hline \text { Wages Expense } & 3,200 \\\hline \text { Wage Payable } &&3,200 \\\hline\end{array}$
At the same time,they prepared the following reversing entry to be booked on July 1:
$\begin{array}{|l|c|c|}\hline \text { Wages Payable } & 3,200 \\\hline \text { Wage Expense } &&3,200 \\\hline\end{array}$
On Friday afternoon,when wages were paid,what journal entry was made? Omit explanation.

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Definitions:

Debt to Assets Ratio

A financial ratio that indicates the proportion of a company's assets that are financed by debt.

Vertical Analysis

A method of financial statement analysis in which each entry for each of the three major categories of accounts (or financial statements) is represented as a proportion of the total account.

Sales Returns

Goods returned by the customer to the seller for a refund or credit, reducing the total sales revenue.

Net Sales

Net sales refer to the amount of revenue generated from product sales after deducting returns, allowances for damaged goods, and discounts.