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14 August, 08:27

Select the correct answer.

Jamle is the accountant of a logistics company. In the month of December, $5,000 of wages remained unpald. The accounting period of the

company ends in the month of December. What will be the adjusting entry passed by Jamle?

A. Wages Account - Debit Wages Payable Account - Credit

B. Wages Account - Debit Cash Account - Credit

C. Wages Payable Account - Debit Bank Account - Credit

D. Wages Payable Account - Debit Wages Account - Credit

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Answers (1)
  1. 14 August, 12:06
    0
    The correct option is A

    Explanation:

    Under the accrual basis of an accounting system, an expense has to be booked in the period in which it is incurred whether such an expense has been paid or not.

    The following Journal Entry will be passed in the books of accounts of a company:

    Wages account will be debited with an amount of 5000 and Wages Payable account will be credited with an amount of 50000

    Thus, the correct answer will be option A from the given options.
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