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At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000

At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...
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At the end of the year, Tesla owes employees of $16,000. These salaries will be paid in the following year. What adjusting entry, if any, does the company need to record at the end of the year? A. Debit Salaries Expense and credit Salaries Payable for $16,000 B. Debit Salaries Expense and credit cash for $16,000 C. No adjusting entry is necessary. D. Debit Salaries Payable and credit Salaries Expense for $16,000
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