Register
A bookkeeper erroneously recorded the accrual of wages payable using this journal entry: Sales Discount XX Depreciation Expense XX Indicate the effect of the error on Total Liabilities and Total Assets
20.3k views
1 vote
A bookkeeper erroneously recorded the accrual of wages payable using this journal entry: Sales Discount XX Depreciation Expense XX Indicate the effect of the error on Total Liabilities and Total Assets:

User Dleavitt
by
4.3k points

1 Answer

1 vote

Answer:

The Answer is explained below

Step-by-step explanation:

Wrong Entry

Sales discount xx

Accumulated Depreciation xx

It indicates that the income and assets both are decreased whilst the expense and should have been increased by making correct entry

Correct Entry

Wages xx

Wages payable xx

User Suneelsarraf
by
5.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.6m questions

6.0m answers

Other Questions

Which of the following should be considered last when searching for financing? Family members Banks Commercial finance companies Credit cards I'm guessing it's C but idk
Explain the similarities and differences between how both producers and consumer use money
Your assessment tool contains rich data about child progress in language and literacy but no details to explain the differences between children. You decide to: A. Replace the tool with another B. Analyze
When goods are produced at the lowest possible cost, an economy is said to have achieved:?
What is the Total Cost of a stock purchase if the stock price is $12, shares purchased 100, with a 2% Broker's Fee? (Stock Price x Shares Purchased = Stock Cost; Stock Cost x Broker's Fee = Broker's Fee;
Link Copied!