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A company pays wages every two weeks. Wages amount to $100 a day. On March 31, the company pays wages for the two weeks ending March 24. At the end of the month, the related adjusting journal entry should include a: Multiple Choice debit to retained earnings for $700 and a credit to cash for $700. debit to wages expense for $700 and a credit to wages payable for $700. debit to wages payable for $700 and a credit to cash for $700. debit to retained earnings for $700 and a credit to wages payable for $700. If an expense has been incurred but will be paid later, then: Multiple Choice an asset account is decreased or eliminated and an expense is recorded. nothing is recorded on the financial statements. a liability account is created or increased and an expense is recorded. a revenue and an expense are recorded