When making an adjusting entry. Say the amount is $1,500The accounts used are Wages Expense and Wages Payable. Both of these are liabilites, is that correct? So they should both be credit accounts. However according to my text book. Wages Expense is a Debit Account and Wages Payable is a Credit Account. WHY is that? Please explain in detail. Thanks!
When making an adjusting entry. Say the amount is $1,500The accounts used are Wages Expense and Wages Payable. Both of these are liabilites, is that correct? So they should both be credit accounts. However according to my text book. Wages Expense is a Debit Account and Wages Payable is a Credit Account. WHY is that? Please explain in detail. Thanks!
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 3TF: LO1 As part of the adjustment of supplies, an expense account is debited and Supplies is credited...
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When making an
The accounts used are Wages Expense and Wages Payable. Both of these are liabilites, is that correct? So they should both be credit accounts. However according to my text book. Wages Expense is a Debit Account and Wages Payable is a Credit Account. WHY is that? Please explain in detail. Thanks!
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