Wages Payable can be used in preparing adjusting entries. True False Depreciation Expense can be used in preparing adjusting entries. True False
Wages Payable can be used in preparing adjusting entries. True False Depreciation Expense can be used in preparing adjusting entries. True False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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true or false questions
Transcribed Image Text:Wages Payable can be used in preparing adjusting entries.
True
False
Transcribed Image Text:Depreciation Expense can be used in preparing adjusting entries.
True
False
Expert Solution
Step 1
Adjusting entries are prepared at the end of the year to accrue the revenues and expenses accrued for the period as per the accrual basis of accounting.
Step 2
Wages Payable is credited when passing adjusting entry for accrued wages remaining unpaid at the end of the year and corresponding debit is made to wages expenses
Depreciation expense is debited to record the depreciation exenses of the year and correspnding credit is made to accumulated depreciation.
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