The trial balance showed wages, ?2,500 and a note stated that ?500 wages were due
FINANCIAL
POST UTME UI
The trial balance showed wages, ?2,500 and a note stated that ?500 wages were due but unpaid. When preparing final accounts and balance sheet, it is required to debit profit and loss account with
- A) ?3,000 and show wages accrued ?500 in the balance sheet
- B) ?2,000 and show ages accrued ?500 in the balanced sheet
- C) ?3,000 and show wages prepaid ?500 in the balance sheet
- D) ?2,000 and show wages paid in advance ?500 in the balance sheet
Correct Answer: A) ?3,000 and show wages accrued ?500 in the balance sheet
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