I am stumped with the following situations:

1. At the end of the month, a business owes $500 in wages that have not yet been paid. At closing, I know this goes to wages payable. However - when May rolls around, and these wages are paid, how would that be put in the general journal?

2. If a business returns items purchased on account, what accounts are debited/credited? How would it be journalized?

1) I assume month end is April?

Dr. Wages Expense
Cr. Wages Payable

In May when you pay it,
Dr. Wages Payable
Cr. Cash


2)
When you buy on account:
Dr. Inventory
Cr. AP

So when you return,
Dr. AP
Cr. Inventory