Wages of $40 000 Were Paid in June for Work

question 17

Multiple Choice

Wages of $40 000 were paid in June for work done in June; $5 000 of wages were owed at end of June for work done in June; and an invoice for $8 000 was received for June advertising to be paid in July. What are total expenses for June 2019?

• A) $40 000
• B) $45 000
• C) $53 000
• D) $40 000.

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Definitions:

Deficit Capital Account

A situation where a company's capital account balance is negative, indicating that liabilities exceed assets.

Proposed Schedule

A planned timeline for activities or events, awaiting approval or finalization.

Capital Account Balances

The amounts recorded in the capital accounts of a company or partnership, reflecting owners' contributions and the accumulated profits or losses.