Question

If an adjusting entry is made on the last day of the current accounting period by debiting Wages Expense and crediting Wages Payable for accrued wages earned but not yet paid, a reversing entry on the first day of the next accounting period will: debit Miscellaneous Expense and credit Wages Expense. debit Wages Payable and credit Wages Expense. debit Cash and credit Wages Expense. debit Wages Expense and credit Wages Payable.

Answer 1

Answer:

debit Wages Payable and credit Wages Expense

Explanation:

The journal entries are as follows

As we know that

The adjusting entry to record the wages expenses is

Wages expense Dr XXXXX

      To Wages payable XXXXX

(Being the accrued wages is recorded)

Now if the reversing entry is passed, so the journal entry is

Wages payable Dr XXXXX

     To Wages expense XXXXX

(Being the reversing entry made)