At year end December 31, 2010, McToil, Inc. owes its employees ...

[mynx]

At year end December 31, 2010, McToil, Inc. owes its employees 15,000 for work performed in 2010. Payday is not until the first week in January 2011. Record the adjusting entry in the T-accounts provided.
 
  What will be an ideal response?

Question 2

The order in which financial statements should be prepared is
 a. balance sheet, income statement, statement of owner's equity.
   b. income statement, balance sheet, statement of owner's equity.
   c. statement of owner's equity, balance sheet, income statement.
   d. income statement, statement of owner's equity, balance sheet.

[ultraflyy23]

Answer to Question 1

Wages Payable
15,000

Wages Expense
15,000

Answer to Question 2

d