Question
Assume December 31 is a Wednesday. Wages are paid every Friday, and the weekly payroll (for five days) amounts to $3,000. To record the correct
Assume December 31 is a Wednesday. Wages are paid every Friday, and the weekly payroll (for five days) amounts to $3,000. To record the correct amount of expense for December, the firm makes the following adjustment on December 31:
| BALANCE SHEET | INCOME STATEMENT | ||||||||
| ASSETS | = | LIABILITIES | + | STOCKHOLDER'S EQUITY | REVENUE | - | EXPENSE | ||
| Wages Payable | Wages Expense | ||||||||
| A) | -3,000 | +3,000 | -3,000 | ||||||
| B) | -1,800 | +1,800 | -1,800 | ||||||
| C) | +1,200 | -1,200 | +1,200 | ||||||
| D) | +1,800 | -1,800 | +1,800 | ||||||
| E) | None of the above | ||||||||
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Artificial Intelligence In Accounting Practical Applications
Authors: Cory Ng, John Alarcon
1st Edition
0367542013, 978-0367542016
