The employees of Xitrex, Inc., are paid each Friday. The company’s fiscal year-end is June 30, which falls on a Wednesday for the current year. Wages are earned evenly throughout the five-day workweek, and $10,000 will be paid on Friday, July 2.Required:1.
Prepare an adjusting entry to record the accrued wages as of June 30, a reversing entry on July 1, and an entry to record the payment of wages on July 2.
Prepare journal entries to record the accrued wages as of June 30 and the payment of wages on July 2 assuming a reversing entry is not made.