ASU BIO202 Anatomy Physiology II Exam 1 Practice Exam

At year-end, employees have earned $9,000 of wages that will be paid next period. Which adjusting entry is required?

Debit Wages Payable and credit Wages Expense Debit Wages Expense and credit Wages Payable Debit Cash and credit Wages Revenue Debit Prepaid Wages and credit Cash

Correct Answer:

Debit Wages Expense and credit Wages Payable

Explanation:

Accrued wages are recognized as an expense in the period earned and as a liability until paid: debit Wages Expense and credit Wages Payable.

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