A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on Friday. The adjusting entry necessary at the end of the fiscal period ending on Friday is O debit Salaries Expense, $11,420; credit Salaries Payable, $11,420. O debit Salaries Expense, $11,420; credit Cash, $11,420. O debit Salaries Payable, $11,420; credit Cash, $11,420. CO debit Salaries Expense, $11,420; credit Dividends, $11,420.
A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on Friday. The adjusting entry necessary at the end of the fiscal period ending on Friday is O debit Salaries Expense, $11,420; credit Salaries Payable, $11,420. O debit Salaries Expense, $11,420; credit Cash, $11,420. O debit Salaries Payable, $11,420; credit Cash, $11,420. CO debit Salaries Expense, $11,420; credit Dividends, $11,420.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 45BE
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