O-LevelAccountingPreparation of financial statements7707/11 · May/June 2010 · Q111 Mark
On 1 January 2009 there was a credit balance on the wages account of $2000. Wages paid during the year amounted to $48 000. On 31 December 2009 wages totalling $3500 remained unpaid. How much should be transferred from the wages account to the income statement (profit and loss account) for the year ended 31 December 2009?
A$42 500
B$46 500
C$49 500
D$53 500
✓ Correct answer
C: $49 500
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