The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. Wages Expense 4,500 Wages Payable 4,500 ????????????????
a. Record payment of wages.
b. Record wages paid last month.
c. Record wages paid in advance.
d. Record wages expense incurred and to be paid next month.
Question 2
Which of the following terms best describes the types of assets accounted for in governmental-type funds?
a. any resource that can be used to provide service to the citizenry
b. financial assets and capital assets
c. current assets and movable fixed assets
d. financial assets
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