Powers Company accrued unpaid wages of $3,000 on January 31. These wages will be included in paychecks totaling $4,000 on February 2. The reversing entry will include a(n) ________
A) credit to Cash for $3,000
B) debit to Wages Payable for $4,000
C) debit to Wages Expense for $4,000
D) credit to Wages Expense for $3,000
Answer: D
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A company that uses the perpetual inventory system sold goods to a customer on account for $2,100. The cost of the goods sold was $1,050. Which of the following journal entries correctly records this transaction?
A) Cost of Goods Sold 2,100 Sales Revenue 2,100 B) Merchandise Inventory 2,100 Costs of Goods Sold 2,100 C) Accounts Receivable 2,100 Cash 2,100 Costs of Goods Sold 1,050 Merchandise Inventory 1,050 D) Accounts Receivable 2,100 Sales Revenue 2,100 Costs of Goods Sold 1,050 Merchandise Inventory 1,050
When must all the listings be renegotiated:
A. if the couple gets divorced B. if a broker dies C. if there are multiple offers D. a listing can never be renegotiated