Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HYBE Industries operates Monday to Sunday with a daily payroll of $40000. They pay their employee every Sunday for the workweek they just completed. If

HYBE Industries operates Monday to Sunday with a daily payroll of $40000. They pay their employee every Sunday for the workweek they just completed. If the last day of the month is a Tuesday, the correct adjusting entry on this day would be:

A) Dr wages expense 40 000

Cr Cash 40000

B) Dr Wages payable 80 000

Cr Cash 80000

C) Dr. wages expense 80 000

Cr wages payable 80 000

D) Dr Wages expense 40 000

Cr Wages payable 40 000

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_2

Step: 3

blur-text-image_3

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

Internal Auditing Assurance And Consulting Services

Authors: Kurt Reding, Paul Sobel, Michael Head, Sridhar Ramamoorti, Urton Anderson

2nd Edition

0894136437, 978-0894136436

More Books

Students also viewed these Accounting questions

Question

2. What are the prospects for these occupations?pg 87

Answered: 1 week ago