Omitting the adjusting entry to record wages results in various inaccuracies, including understatement of expenses, overstatement of net income, overstatement of retained earnings, overstatement of stockholders' equity, and understatement of liabilities.) Unpaid wages that have been earned by employees but have not yet been recognized.
In the accounting records should be entered or recorded using an accrual adjusting entry, which will: Wage Expense is debited. Wages Payable on Credit or credit Payable Wages Accrued Accumulated interest is interest that has accrued but has not been paid as of a balance sheet date. The amount that has occurred but is unpaid should be recognized with a debit to Interest Expense.
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