The current balance in wages expense is 7,500. Which of the following is the proper adjusting entry at year end on Dec. 31 for wages accrued but not paid, 1,500?
1) Debit Wages Expense 1,500; Credit Wages Payable 1,500
2) Debit Wages Payable 1,500; Credit Wages Expense 1,500
3) Debit Wages Payable 7,500; Credit Wages Expense 7,500
4) Debit Wages Expense 7,500; Credit Wages Payable 7,500