The Entry Made at the End of the Accounting Period

question 50

Multiple Choice

The entry made at the end of the accounting period to record wages incurred but unpaid is:

• A) Wages Expense      Wages Payable
• B) Wages Expense      FICA Taxes Payable-OASDI
•      FICA Taxes Payable-HI
•      FIT Payable
•      Wages Payable
• C) Wages Payable      Cash
• D) Wages Expense      Cash
• E) Wages Expense Payroll Taxes
•      Wages Payroll

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Definitions:

Limited Liability Company

An organizational form that merges the limited liability offered by a corporation with the partnership or sole proprietorship's benefit of pass-through taxation.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, protecting them from being personally liable for the acts of the partnership.

Business Organization

A structured commercial or entrepreneurial entity set up according to a particular legal framework to conduct business and provide goods or services.

Perfect Substitutes

Products or offerings that serve as substitutes for one another without diminishing the consumer's satisfaction.