Asked by Kibre Dubiso on May 22, 2024
Verified
Wages Expense 870
Wages Payable 870
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries
Adjusting Journal Entries
Entries made in the accounting records to correct any discrepancies or to make non-cash adjustments.
Wages Expense
The total cost incurred by an employer for paying the hourly earnings of its employees.
Wages Payable
The total amount of wages earned by employees that the company has not yet paid.
- Distinguish among adjusting entries, closing entries, and journal entries.
Verified Answer
CC
Learning Objectives
- Distinguish among adjusting entries, closing entries, and journal entries.