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Question:

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 a 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 Salaries Payable, $16,000.
d.debit Salaries Expense, $4,000; credit Salaries Payable, $4,000.

Step-by-Step

Verified Answer

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

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