Accounting adjustments to account for unpaid wages, Financial Accounting

Assignment Help:

James Bell plans to stay at the Michaels Motel for one month, and he prepays his room charges. Bell arrives and begins his stay on January 21. To account for Bell's prepayment, at the end of January (the end of the accounting period) the motel accountant should:

Answer

 

a.

debit Unearned Room Revenue and credit Room Revenue.

 

b.

credit Room Revenue and debit Cash.

 

c.

credit Accounts Receivable and debit Cash.

 

d.

debit Unearned Room Revenue and credit Cash.

Question

Accounting adjustments to account for unpaid wages would:

Answer

 

a.

debit Wage Expense and credit Accrued Wages Payable.

 

b.

credit both Wage Expense and Cash.

 

c.

credit Wage Expense and debit Accrued Wages Payable.

 

d.

debit both Wage Expense and Accrued Wages Payable.


Related Discussions:- Accounting adjustments to account for unpaid wages

business strategy-vertical horizontal or conglomerate , What was the busin...

What was the business strategy underlying the merger? How was the acquisition financed? Was it a vertical, horizontal or conglomerate merger?   The strategy behind those merge

Journalize the transactions, During it's first year of operations, Rosa Cor...

During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh

Find annual acquiring firm, Find the annual reports of the acquiring firm a...

Find the annual reports of the acquiring firm and answer the following questions for the five years before merger took place I)   What information is provided about merger a

The conflicting interests of users, The conflicting interests of users ...

The conflicting interests of users We have seen above that every user group looks at a business from a different perspective and has its own individual interests. This means th

Explain major factor of ifrs, a. Explain a major factor which led to the in...

a. Explain a major factor which led to the introduction of International Financial Reporting Standards (IFRS). b. Explain how users of financial information benefit from IFRS.

The functional currency method-foreing branches, The functional currency me...

The functional currency method (formerly temporal method) Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading

Non-for-profit organization, Non-for-Profit Organization/Tax-Exempt Organiz...

Non-for-Profit Organization/Tax-Exempt Organization - An incorporated organization that exists for charitable or educational purposes, and from that its shareholders or trustees do

It''s been two months since you took a position, It’s been two months since...

It’s been two months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesita

Experienced auditor, Experienced Auditor - An AUDITOR who has a reasonable ...

Experienced Auditor - An AUDITOR who has a reasonable understanding of audit activities and has studied company's industry as well as accounting and auditing issues relevant to the

Determine the term- understandability, Determine the term- Understandabilit...

Determine the term- Understandability Accounting reports must be expressed as clearly as possible and must be understood by those at whom the information is aimed.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd