Consider the following journal entry: 

Wages Expense 130 Wages Payable 80 Cash 50 Which ONE of the following statements correctly describes the transaction that resulted in this journal entry being made? 

Wages were 130, of which 50 was paid in cash and 80 was paid last year. 

Wages were 130, of which 80 was paid in cash and 50 will be paid next year. 

Wages were 80, of which 50 was paid in cash and 130 will be paid next year. 

Wages were 130, of which 50 was paid in cash and 80 will be paid next year.

Answer rating: 100% (QA)

The correct statement describing the transaction that resulted in the ... View the full answer