Accrued wages

Asked by maham237 @ 12/01/2021 in Business viewed by 152 People

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 Wages Expense $7,350; credit Cash $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 Cash $7,350; credit Wages Expense $7,350.
E. Debit Wages Payable $7,350; credit Wages Expense $7,350.

Answered by maham237 @ 12/01/2021

Answer:

E. Debit Wages Payable $7,350; credit Wages Expense $7,350.

Explanation:

The journal entry for recording the accrued wages is shown below:

Wages expense A/c Dr $7,350

To Wages payable A/c $7,350

(Being the accrued wages is recorded)

Now the reversing entry is

Wages payable A/c Dr $7,350

To Wages expense A/c $7,350

(Being the reversing entry is made)

Hence, the correct option is E.

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Asked by maham237 @ 13/01/2021 in Business viewed by 2738 persons

Accrued wages

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