The Unadjusted Trial Balance Reflects a Normal Balance for Wages

question 61

Multiple Choice

The unadjusted trial balance reflects a normal balance for Wages Expense of $750.Accrued wages for the period are $1,045.The adjusted balance for Wages Expense is now a:

• A)$295 debit.
• B)$295 credit.
• C)$1,795 debit.
• D)$1,795 credit.

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Definitions:

Financial Asset

An intangible asset whose value is derived from a contractual claim, such as stocks, bonds, and bank deposits.

Mutual Fund

A type of investment vehicle consisting of a portfolio of stocks, bonds, or other securities, managed by an investment company.

Savings Account

A deposit account held at a financial institution that provides principal security and a modest interest rate.

Conflicts of Interest

Situations in which a person's private interests might interfere with their professional duties or responsibilities.