QUESTION IMAGE
Question
when wages payable is credited, which of the following accounts will receive the corresponding debit? wages expense accounts receivable fica payable
Brief Explanations
In accounting (subfield of Business), when recording accrued wages, the journal entry is to debit Wages Expense (to recognize the expense incurred) and credit Wages Payable (to recognize the liability). Accounts Receivable is for amounts owed to the business, and FICA Payable is a liability for payroll taxes, so they don't correspond here.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
A. Wages Expense