Assume that the weekly payroll of Off the Runway Boutique is $310. December 31, end of...

 

Transcribed Image Text:

Assume that the weekly payroll of Off the Runway Boutique is $310. December 31, end of the year, falls on Tuesday, and Off the Runway will pay its employee on Friday for the full week. What adjusting entry will Off the Runway make on Tuesday, December 31? (Use five days as a full workweek.) Date Accounts and Explanation Debit Credit A. Salaries Expense 124 Salaries Payable 124 В. Salaries Payable 310 Salaries Expense 310 OC. Salaries Expense 124 Cash 124 D. No adjustment is needed because the company will pay the payroll on Friday. Assume that the weekly payroll of Off the Runway Boutique is $310. December 31, end of the year, falls on Tuesday, and Off the Runway will pay its employee on Friday for the full week. What adjusting entry will Off the Runway make on Tuesday, December 31? (Use five days as a full workweek.) Date Accounts and Explanation Debit Credit A. Salaries Expense 124 Salaries Payable 124 В. Salaries Payable 310 Salaries Expense 310 OC. Salaries Expense 124 Cash 124 D. No adjustment is needed because the company will pay the payroll on Friday.

Answer rating: 100% (QA)

The entry would b... View the full answer