Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 3 - The Accounting Information System - Review and Practice - Questions - Page 127: 8

Answer

Prepaid wages

Work Step by Step

A working week concludes on Saturday. A balance sheet closed by Wednesday means that there are prepayments for Sunday, Monday, and Tuesday, which are included in the balance sheet. These payments are made before the lapse of the week.
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