Karl Company accrued wages of $7,350 that were earned by employees unpaid at the year-end. Assuming Karl uses reversing entries, which of the following entries correctly reverses the accrued wages at the beginning of the following year?
A. Debit Cash $7,350; credit Wages Expense $7,350.
B. Debit Wages Expense $7,350; credit Wages Payable $7,350.
C. Debit Wages Payable $7,350; credit Cash $7,350.
D. Debit Wages Expense $7,350; credit Cash $7,350.
E. Debit Wages Payable $7,350; credit Wages Expense $7,350.
Answer: E
You might also like to view...
Sweet Treats is a startup confectionery manufacturer that sells chocolates, boiled sweets, toffees, marshmallows, jelly candies, and so on. Should the firm adopt a push or a pull strategy? Explain your answer
What will be an ideal response?
We have transitioned from a service economy to a(n) ______.
a. Industrial economy b. Information economy c. Experience economy d. Luxury economy
Some people just can't ________ change
a. accept b. except c. expect
With the increasing use of ______ and data analytics, organizations are bringing “decision-making tools such as environmental scanning, scenario-based planning, hypothesis formulation, and testing and organizational development tools to improve workforce management decisions.”
a. report writers b. employee self-service c. manager self-service d. metrics