Employees Have Worked for the Full Year and Have Received

question 2

Multiple Choice

Employees have worked for the full year and have received total wages of $306,000 in cash. However, they must wait until the next payday to be paid for the last three days of the year they have worked. The amount owing is $5,500. Wages expense in the income statement and accrued wages in the balance sheet are, respectively:

• A) $311,500; $0
• B) $306,000; $0
• C) $306,000; $5,500
• D) $311,500; $5,500

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