The following adjusting journal entry found in the journal is missing an explanatin. Select the best explanation for the entry. Wages Expense
4,500 Wages Payable, 4,500 is option D.
Record wages expense incurred and to be paid next month.
In accountancy, adjusting entries are journal entries often times, at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting. They are sometimes called Balance Day adjustments because they are made on balance day.
Therefore, the correct answer is option D.
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The complete question goes thus:
the following adjusting journal entry found in the journal is missing an explanation. select the best explanation for the entry. wages expense 4,500 wages payable 4,500 ????????????????
A. Record wages paid in advance
B. Record wages paid next month
C. Record payment of wages
D. Record wages expense incurred and to be paid next month
