Question

Under which accounting heads will a company’s accountant record costs for advertisements and accrued wages for the month?

Advertisements will go in the BLANK account, and accrued wages for the month will be recorded as BLANK.

Answer 1

Advertisements will go in the

expenses

account, and accrued wages for the month will be recorded as

current liability

.

Step-by-step explanation:

Answer 2

Step-by-step explanation:

In business, there are a multitude of transactions which takes place day-in-day-out. It is upon the company’s accountant to know whether a transaction is an expense or a revenue. Both advertisement and accrued wages are expenses. Accountants are required record every transaction accurately on the journal to avoid miss leading the company. Therefore, advertisements will go in the advertisement expense account, and accrued wages for the month will be recorded as accrued expenses.