Question

For the past 3 years, Lincoln Corp. failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted which are considered material were as follows: December 31, Year 1 $56,000 December 31, Year 2 51,000 December 31, Year 3 6 4,000 The entry on December 31, Year 3 to correct for these omissions would include a Multiple Choice O Credit to retained earings for $64.000 O Credit to wage expense for $64.000 o Debit to wage expense for $51.000 o o Debit to wage expense for $13.000

Answer 1

OPTION: debit to wage expenses for $13000

EXPLANATION:

Wage ac dr ($64000 - $51000)   $13000

to wages payable $13000