For the month of Dec 2018, Roberts Company incurred $2,000 of wages expense. Roberts Co. paid...
For the month of Dec 2018, Roberts Company incurred $2,000 of wages expense. Roberts Co. paid the employees on Jan 5, 2019. What is the journal entry to record the wages expense for Mason Co. for the month of Dec 2018?
A) Dr. Wages Payable 2000 and Cr. Cash 2000
B) Dr. Wages Expense 2000 and Cr. wages Payable 2000
C) Dr. Wages Payable 2000 and Cr. Wages Expense 2000
D) Dr. Wages Expense 2000 and Cr. Cash 2000
E) None of the above
Please provide an explanation if you can, thank you.
Homework Answers
The correct answer is:
B) Dr. Wages Expense 2000 and Cr. wages Payable 2000
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Explanation:
In Dec the company has incurred expense hence Wages expense will be debited.
However since this amount is paid only in Jan, the company will book a liability of Wages Payable at the end of Dec.
Hence, Wages Payable will be credited.
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