A Business Pays Weekly Wages of $20,000 on Friday for a Five-Day

Multiple Choice

A business pays weekly wages of $20,000 on Friday for a five-day week ending on that day. If the fiscal period ends on Wednesday, the adjusting entry is

A) debit Wages Expense, $12,000; credit Drawing, $12,000.
B) debit Wages Expense, $12,000; credit Wages Payable, $12,000.
C) debit Drawing, $12,000; credit Wages Payable, $12,000.
D) debit Wages Payable, $12,000; credit Wages Expense, $12,000.
E) none of these.