The employees of Melvin Movers worked a full month in June but will not be paid for it until July 15th.The adjusting entry to record the wages payable at the end of June is an example of which of the following adjustments?

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Quizplus · Accepted Answer

Accrued expenses are expenses that have been incurred but have not yet been paid. In this case, the employees worked and earned wages in June but will not be paid until July, so the company needs to record the wages as an expense and a liability (wages payable) as of June 30th.

The Employees of Melvin Movers Worked a Full Month in June