When employees work for a company in June but are not paid until July,the June financial statements will include ________ on the:
A)Salaries and Wages Payable;balance sheet
B)Prepaid Salaries and Wages;income statement
C)Salaries and Wages Payable;income statement
D)Prepaid Salaries and Wages;balance sheet

Question

Quizplus · Accepted Answer

When employees work in the current period but are not paid their wages until the following period,this period's wages are reported as Salaries and Wages Expense on the income statement and any unpaid wages are reported as Salaries and Wages Payable on the balance sheet.

When Employees Work for a Company in June but Are