A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day.

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A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is

A. debit Salaries Payable, $16,000; credit Cash, $16,000

B. debit Salaries Expense, $16,000; credit Cash, $16,000

C. debit Salaries Expense, $16,000; credit Accounts Payable, $16,000

D. debit Salaries Expense, $16,000; credit Salaries Payable, $16,000

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Posted Date: Mar 08, 2022 05:32 AM

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A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day.

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