On December 31,2016,Axle Services Company prepared the following accrual adjustment:
The company paid salaries amounting to $1,500 on January 7,2017 for the two-week pay period that ended on January 6,2017.Journalize the entries for January 1,2017 and January 7,2017,assuming the company uses reversing entries.
Definitions:
Wood
The hard, fibrous structural tissue found in the stems and roots of trees and other woody plants.
Cost Function
A mathematical relationship that describes how the costs incurred by a firm vary with the level of output or activity.
Output
Refers to the quantity of products or services produced by a business, industry, or economy.
Marginal Cost
The increase in total cost that arises from an increase in production by one additional unit.
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