At the End of an Accounting Period Wages Expense of $190

question 21

Multiple Choice

At the end of an accounting period wages expense of $190 000 is closed to the profit and loss summary account. The wages are made up of $180 000 paid in cash and accrued wages of $10 000. A reversing entry is made for accrued wages on the first day of the next accounting period. The first payment to employees for wages in the new year is $25 000. How would this payment be recorded?

• A) Debit wages expense $15 000; debit accrued wages $10 000; credit bank $25 000
• B) Debit wages expense $25 000; credit bank $25 000
• C) Debit wages expense $15 000; credit bank $15 000
• D) Debit accrued wages $10 000; credit bank $10 000

Recognize the role of government in addressing income inequality and the debates surrounding policy interventions.

Analyze the impact of educational attainment and demographic factors on income disparities.

Evaluate arguments for and against redistributing income and wealth, considering economic efficiency and ethical considerations.

Understand the role and impact of government tax and transfer programs on income distribution and poverty in the United States.

---

Definitions:

Negotiating Skills

The abilities and techniques used to resolve differences, reach agreements, or achieve desired outcomes through discussion and compromise.

Perry Preschool Program

A preschool program in Ypsilanti, Michigan, started in the 1960s, designed to provide early childhood education to young children from low-income families to improve their intellectual and social development.

Ypsilanti

A city located in Washtenaw County in the U.S. state of Michigan, often associated with research and education due to the presence of Eastern Michigan University.

Developmentally Appropriate Practice

Education that focuses on the typical developmental patterns of children (age-appropriateness) and the uniqueness of each child (individual-appropriateness). Such practice contrasts with developmentally inappropriate practice, which relies on abstract paper-and-pencil activities presented to large groups of young children.