Question

The following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry.

Wages Expense
2,555


Wages Payable

2,555

????????????????




Record the payment of wages
Record wages to be paid this month
Record wages paid in advance
Record wages expense incurred and to be paid next month

Answer 1

"Record wages expense incurred and to be paid next month"

Payable implies an expense you owe.

Answer 2

In order to following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry, is it A adjust supplies inventory to actual, B adjust supplies expense, C record sale of supplies.