FTYZ Transport Inc. was supposed to pay wages amounting to $1,500 in March, which was the last month of its accounting period. However, Leeds Inc. failed to make the payment before the accounting period. What will be the adjusting journal entry passed by the accountant?

Question

03-02-2021
Business

Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

FTYZ Transport Inc. was supposed to pay wages amounting to $1,500 in March, which was the last month of its accounting period. However, Leeds Inc. failed to make the payment before the accounting period. What will be the adjusting journal entry passed by the accountant?

Sagot :

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.

Which statement best describes a difference between Herbert Hoover's and Franklin Roosevelt's political philosophies? A. Hoover believed the economy was still s

$52.25 with an 8% sales tax

Why did the Netherlands seek independence from Spain at the end of the 16th century? Select the best answer from the choices provided. a.Because Philip II, the

Martin Luther started the protestant movement when he split from the church in 1517. what are from Europe was he from? A- England C- Italy B- Yugoslavia D- Germ

A 17_ year old person serving in the u.s armed forces

The so-called "Puritans" of the English Civil War were adherents of which type of Christianity? Select the best answer from the choices provided. a.Calvinist b.

In general, most Americans believe that the government is responsible for what? A) Providing individuals with wealth B) Protecting the rights of individuals C)

3. (1 pt) Although Portuguese, I led the Spanish expedition that was the first to circumnavigate the Earth. Who was I? A. Pedro Cabral B. Vasco da Gama C. Ferdi

Why did the Netherlands seek independence from Spain at the end of the 16th century? Select the best answer from the choices provided. a.Because Philip II, the

what does 50 percent humidity mean? A. The air contains 50 percent of the moisture it can hold before precipitation occurs B. There is a 50 percent change of pr

topeadeniran2 topeadeniran2 · Answer 1 · 2021-02-07T22:56:47-05:00

Answer: Wages account debit

Wages payable account credit

Explanation:

Sdjusting entries are simply referred to as the journal entries that are made when the accounting period ends such that there is allocation of the income and the expenditure incurred by the economic agent to the period in which the income and the expenditure occurred.

In this case, the adjusting journal entry passed by the accountant will be to debit the wages account by $1500 and then credit the wages payable account by $1500.

Sagot :

Other Questions