Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Covfree Company uses reversing entries for easier bookkeeping. Covfree pays his employees every Friday. One of the adjustments made by the accountant was for accrued

image text in transcribed

Covfree Company uses reversing entries for easier bookkeeping. Covfree pays his employees every Friday. One of the adjustments made by the accountant was for accrued wages of P86,000 Right after the reversing entries, what will be the balance of the Wages Payable account? Zero 86,000 debit 86,000 credit O 172,000 credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sovereign Debt Crisis The New Normal And The Newly Poor

Authors: D. Chorafas

1st Edition

0230298400, 9780230298408

More Books

Students also viewed these Accounting questions

Question

Explain how to reward individual and team performance.

Answered: 1 week ago