The balance of the Wages Expense account of Ryan Company,prior to adjustment,was $95,000.On December 31,the end of the fiscal year,an adjustment for $7,900 of accrued wages needed to be made.On January 12,wages of $56,400 were paid.Prepare the adjusting entry for wages,the entry to close the Wages Expense account,the corresponding reversing entry,and the entry to pay the wages on January 12.Omit explanations.
Definitions:
Exit Plan
A strategic plan developed by business owners and investors to sell their stake in a company to realize their investment's value.
American Research and Development
One of the early American venture capital firms, ARD is known for its investment in companies such as Digital Equipment Corporation.
Professional Money Managers
Experts who are tasked with overseeing and making decisions about investments on behalf of clients, aiming to maximize financial returns.
Convertible Debt
A type of financing option for startups where a loan can convert into equity or shares in the company at a later date.
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