Orlando Company paid $700 cash for production workers' wages. How does this transaction affect the financial statements? Assets=Liabilities+EquityRevenue?Expenses=Net IncomeCash+Work in Process Inventory
A.
| NA | + | 700 | = | 700 | + | NA | NA | ? | NA | = | NA |
B.
| (700) | + | 700 | = | NA | + | NA | NA | ? | NA | = | NA |
C.
| (700) | + | NA | = | (700) | + | NA | NA | ? | NA | = | NA |
D.
| (700) | + | NA | = | NA | + | (700) | NA | ? | 700 | = | (700) |
Answer: B
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