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 64,000
The entry on December 31, Year 3 to correct for these omissions would include a
Multiple Choice
Credit to retained earnings for $64,000
Credit to wage expense for $64,000
Debit to wage expense for $51,000
Debit to wage expense for $13,000