An adjusting entry was made on the last day of the previous fiscal year debiting Wages Expense and crediting Wages Payable.If a reversing entry has been made,then at the time of payment
A)the accountant needs to find out how much of the payment applies to the current period and how much applies to the previous period.
B)the accountant will debit Wages Payable and Wages Expense,and credit Cash.
C)the accountant will debit Wages Expense and credit Cash.
D)the accountant will debit Cash and credit Wages Expense.

Question

Quizplus · Accepted Answer

A reversing entry would have debited Wages Payable and credited Wages Expense at the beginning of the new period. Therefore, at the time of payment, the accountant will debit Wages Expense and credit Cash.

An Adjusting Entry Was Made on the Last Day of the Previous