Question
acme co completes its payroll each week on friday and its employees are paid every two weeks, if payroll is $1000 and acme co is
acme co completes its payroll each week on friday and its employees are paid every two weeks, if payroll is $1000 and acme co is making journal entries for the end of the week on the first friday of the two-week period, which of the following journal entries is correct for acme co?
A. debit payroll expense $1000 and credit wages payable $1000
B. debit cash $1000 and credit wages payable $1000
C. debit cash $2000 and credit wages payable $2000
D. debit payroll expense $2000 and credit wages payable $2000
E. debit accounts payable $1000 and credit cash $1000
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