Question
1) During 2020 Van der's Mechanical paid out $85 000 in wages from its bank account. This $85 000 included $5 200 that was owing
1)
During 2020 Van der's Mechanical paid out $85 000 in wages from its bank account. This $85 000 included $5 200 that was owing but unpaid at year-end for 2019. At year-end 2020 wages owing but unpaid were $11 200. The business uses accrual accounting. How much would be reported as wages expense for 2020?
2)The accounts of Amy's Flowers show the following end of year balances:
$
Cash 2000
GST receivable 350
Salaries payable 80
Supplies expense1500
Interest expense 50
Prepaid rent300
Salaries expense4500
Accounts payable225
During the closing process thetotal debitto theprofit or loss summary accountwould be:
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