This is an Adjusting Entries problem:
The following information relates to December 31 accounting adjustments for Happy Print Company. The firm's fiscal year ends on December 31.
The question states: "Weekly salaries for a five-day week total $1,800, payable on Fridays. December 31 of the current year is a Tuesday."
What's the journal entry?
This is what I figured: Debit Wage Expense of $360 (1,800/5) AND Credit Wages Payable for $360.
Is that right?