Answer:
A)
wages expense 3,247 debit
wages payable 3,247 credit
b) utilities expense 761 debit
utilities payable 761 credit
c) interest expense 320 debit
interest payable 320 credit
d) telephone expense 134 debit
telephone payable 134 credit
Explanation:
a) we recognize the expense and we also need to disclosure the obligation to pay this expenses in the near future.
b) we must place the expense in the period it was generated, which is August.
c) principal x rate x time = interest
rate and tiem must be expressed atthe same metric
8% annual --> 12 months
we need interest for 1 month so 0.08/12 = 0.0066667
48,000 x 0.08 / 12 = 320
d) same as b we adjust to a associate the expense with the period it occur.
