The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit 48,000 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000 237,000 237,000 15,000 105,000 155,000 132,000 82,000 Net Income (Loss) 50,000 50,000 132,000 155,000 155,000 132,000 The journal entry to close revenues would be: Odebit Common Stock, $155,000; credit Fees Earned, $155,000 credit Fees Earned, $155,000; credit Common Stock, $155,000 Odebit Fees Earned, $155,000; credit Income Summary, $155,000 Odebit Income Summary, $155,000; credit Fees Earned, $155,000 Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000 15,000 237,000 237,000 105,000 155,000 132,000 82,000 Net Income (Loss) 50,000 50,000 132,000 155,000 155,000 132,000 The entry to close the dividends account would be Odebit Retained Earnings, $3,000; credit Dividends, $3,000 O debit Retained Earnings, $12,000; credit Dividends, $12,000 Odebit Dividends, $12,000; credit Retained Earnings, $12,000 Odebit Dividends, $3,000; credit Retained Earnings, $3,000 Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit Account Title Debit Credit Debit Credit Cash 48,000 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000 15,000 237,000 237,000 105,000 155,000 132,000 82,000 Net Income (Loss) 50,000 155,000 50,000 132,000 155,000 132,000 The journal entry to close revenues would be: Odebit Common Stock, $155,000; credit Fees Earned, $155,000 Ocredit Fees Earned, $155,000; credit Common Stock, $155,000 Odebit Fees Earned, $155,000; credit Income Summary, $155,000 Odebit Income Summary, $155,000; credit Fees Earned, $155,000 Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit Account Title Debit Credit Debit Credit 48,000 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000 237,000 237,000 15,000 105,000 155,000 132,000 82,000 Net Income (Loss) 50,000 155,000 50,000 132,000 155,000 132,000 The entry to close Income Summary would be Odebit Income Summary, $50,000; credit Retained Earnings, $50,000 Odebit Income Summary, $155,000; credit Common Stock, $155,000 Odebit Common Stock, $50,000; credit Income Summary, $50,000 Odebit Common Stock, $9,000; credit Income Summary, $9,000