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.An entity reported wages expense of P3,500,000 for 2019. The wages payable at the beginning of year amounted to P500,000. Wage payments during the year totaled P3,200,000. The previous year’s adjusting entry for unpaid wages was reversed on January 1, 2020. What is the adjusting entry for accrued wages payable on December 31,2019? A. Debit wages expense and credit wages payable P300,000 B. Debit wages expense and credit wages payable P500,000 C. Debit wages expense and credit wages payable P800,000 D. Debit wages payable and credit wages expense P500,000

.An entity reported wages expense of P3,500,000 for 2019. The wages payable at the beginning of year amounted to P500,000. Wage payments during the year totaled P3,200,000. The previous year’s adjusting entry for unpaid wages was reversed on January 1, 2020. What is the adjusting entry for accrued wages payable on December 31,2019? A. Debit wages expense and credit wages payable P300,000 B. Debit wages expense and credit wages payable P500,000 C. Debit wages expense and credit wages payable P800,000 D. Debit wages payable and credit wages expense P500,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5.An entity reported wages expense of P3,500,000 for 2019. The wages payable at the beginning of year amounted to P500,000. Wage payments during the year totaled P3,200,000. The previous year’s adjusting entry for unpaid wages was reversed on January 1, 2020. What is the adjusting entry for accrued wages payable on December 31,2019?

A. Debit wages expense and credit wages payable P300,000
B. Debit wages expense and credit wages payable P500,000
C. Debit wages expense and credit wages payable P800,000
D. Debit wages payable and credit wages expense P500,000

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