If Mr - entry that decreases (debits) wages payable to $0,...

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If Mr. Green does not reverse the adjusting entry, he must remember that part of May's first payroll  payment (for work completed in April) has already been recorded in the wages payable and wages  expense accounts. Assuming Mr. Green pays $200 in wages on May 10, he makes a compound 
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Unformatted text preview: entry that decreases (debits) wages payable to $0, increases (debits) wages expense by an amount equal to the wage expenses for May 1 through May 10, and decreases (credits) cash for an amount equal to the total payment....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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